Revolut Sees Mexico as a New Global Digital Banking Hub
Date: 2025-12-01 Author: Henry Casey Categories: BUSINESS
In recent years, the country has rapidly attracted global players, and experts estimate that the largest digital banking market could emerge here. Revolut, Nubank, Mercado Pago, and several other international companies are stepping up their efforts in Mexico, preparing to obtain banking licenses or completing the registration process. Their key goal is access to middle-class clients, for whom salary accounts serve as the basis for subsequent credit and savings services. Analysts believe this segment will form the basis for future competition with traditional banks.
Revolut Mexico CEO Juan Miguel Guerra notes that in the coming years, Mexico could become the site where a new standard for digital banking is established. In a market where the one offering the most convenient and flexible service wins, neobanks are seeking to capture as much market share as possible before more intense competition emerges. Revolut is already testing a local version of its app and expects a full launch after receiving an official license.
Furthermore, Banco Plata is preparing to enter the market in 2025, and Nu Holdings, after preliminary approval, expects to become a full-fledged bank in 2026. Mercado Pago is also finalizing its approval process, and fintech startup Klar is accelerating the process by acquiring Bineo's digital division. Statistics confirm growing interest: the number of deposit accounts in the country has increased from 126 million to 162 million in just three years, and neobanks already account for over 30% of the market. The average deposit size is approximately 48,672 pesos, equivalent to approximately $2,650.
In parallel, Nubank is finalizing preparations for the launch of its banking service after preliminary regulatory approval. Nu Mexico CEO Armando Herrera emphasizes that expanding its presence in Mexico is a key step in the company's global strategy, calling it a logical and long-term move.
However, this promising outlook comes with a complex and costly bureaucratic system. Deloitte Latam representatives note that the licensing process requires significant resources, but ultimately provides greater security for both clients and financial institutions. New players, such as Cashi, Spin by Oxxo, and DiDi, are also entering the market. They already offer digital accounts, although they currently operate without licenses, which likely limits their ability to compete with future banks.
Revolut, in its efforts to expand its international presence, recently invested €1 billion in France to establish a new office in Paris and also received preliminary approval to launch banking services in the UAE region. Expansion in Mexico is seen as the next strategic step that could shape the global fintech industry.
