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Revolut secures Mexican banking license

British-based fintech Revolut has set its sights on Mexico after securing a banking license in the country.

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Revolut secures Mexican banking license

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This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

The firm has won the approval of the National Banking and Securities Commission, enabling it to set up shop as a multiple banking institution in Latin America's second-largest economy.

Revolut, which has more than 40 million users, has been hiring in Mexico for some time, building a team led by Juan Miguel Guerra Dávila.

The company is hoping to gain a significant share of the huge cross-border remittance market in Mexico - worth around $63 billion last year - but stresses it plans to offer a "wide range of financial products and services".

The Mexico launch comes a year after Revolut landed in Brazil, offering a global account with foreign exchange and remittance capabilities in 27 currencies.

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