With the National Banking and Securities Commission's license, the company can now operate as a multiple banking institution in the second-biggest economy in Latin America.

With over 40 million users, Revolut has started recruiting in Mexico and has established a team under the leadership of Juan Miguel Guerra Dávila.

The company emphasizes that it intends to provide a "wide range of financial products and services" in addition to expecting to capture a sizable portion of Mexico's enormous cross-border remittance market, which was valued at over $63 billion last year.

Revolut, which offers a global account with foreign exchange and remittance capabilities in 27 currencies, launched in Mexico one year after it did the same in Brazil.