Insights

Revolut Pursues Banking License in Colombia Following Mexico Approval

Pat Crawley
Pat Crawley
33 Min Read
revolut-pursues-banking-license-in-colombia-following-mexico-approval

Tuesday, 08/10/2024 | 16:50 GMT by Tareq Sikder

  • The company plans to invest about $35.6 million and hire 30-50 employees in Colombia.
  • The firm expects to bring its services online in Colombia within 18 months.

revolut card

British fintech company Revolut announced today (Tuesday) that it has applied for a banking license to operate in Colombia. This move comes as the firm seeks to strengthen its presence in Latin America, following its entry into Brazil last year and the acquisition of a banking license in Mexico in April.

Diego Caicedo, the Head of Revolut in Colombia, stated that the roll-out in the country is expected to take under two years. In an interview prior to the announcement, he noted: “Now we’re working with the Colombian regulator.” He emphasized that the company aims to bring its services online in Colombia within the next 18 months.

Plans for Employee Hiring Initiative

Diego Caicedo, Head of Revolut in Colombia

Diego Caicedo, Head of Revolut in Colombia, Source: LinkedIn

In the initial phase, Revolut plans to hire between 30 and 50 employees. The company intends to invest around 150 billion pesos (approximately $35.6 million) in its pursuit of the banking license. Caicedo joined Revolut in August after previously leading the fintech company KLYM.

Once the banking license is secured, Revolut plans to offer a range of services. According to Caicedo, the goal is to provide clients with all the services they need. The company will initially launch products such as instant money transfers and multi-currency accounts.

Meanwhile, Revolut plans to launch its operations in Mexico during the first half of 2025, as noted by Juan Miguel Guerra Dávila, the company’s CEO in Mexico. Guerra mentioned that there are more than 100,000 individuals on the waiting list to become customers, as reported by Finance Magnates.

Growing Client Base in Colombia

Revolut also aims to introduce financial management services tailored to consumers, freelancers, and small businesses. The company’s country head in Brazil reported last month that there was a waiting list of approximately 15,000 clients in Colombia. Caicedo indicated that this number has since increased, although he did not provide specific details.

Caicedo views Colombia as a promising market for expansion, particularly due to the ability to offer remittance services from other countries, including Spain, Mexico, and the United States, at no charge. This stands in contrast to competitors. A World Bank study released in June found that the average cost of sending $200 in remittances to Latin America is around 6% in service fees.

He remarked, “That’s a pain for families, that’s a lot of money.” Caicedo believes that Colombia presents significant potential for growth, dismissing concerns about competition from other fintech companies, such as Nubank, or traditional banks operating in the country.

British fintech company Revolut announced today (Tuesday) that it has applied for a banking license to operate in Colombia. This move comes as the firm seeks to strengthen its presence in Latin America, following its entry into Brazil last year and the acquisition of a banking license in Mexico in April.

Diego Caicedo, the Head of Revolut in Colombia, stated that the roll-out in the country is expected to take under two years. In an interview prior to the announcement, he noted: “Now we’re working with the Colombian regulator.” He emphasized that the company aims to bring its services online in Colombia within the next 18 months.

Plans for Employee Hiring Initiative

Diego Caicedo, Head of Revolut in Colombia

Diego Caicedo, Head of Revolut in Colombia, Source: LinkedIn

In the initial phase, Revolut plans to hire between 30 and 50 employees. The company intends to invest around 150 billion pesos (approximately $35.6 million) in its pursuit of the banking license. Caicedo joined Revolut in August after previously leading the fintech company KLYM.

Once the banking license is secured, Revolut plans to offer a range of services. According to Caicedo, the goal is to provide clients with all the services they need. The company will initially launch products such as instant money transfers and multi-currency accounts.

Meanwhile, Revolut plans to launch its operations in Mexico during the first half of 2025, as noted by Juan Miguel Guerra Dávila, the company’s CEO in Mexico. Guerra mentioned that there are more than 100,000 individuals on the waiting list to become customers, as reported by Finance Magnates.

Growing Client Base in Colombia

Revolut also aims to introduce financial management services tailored to consumers, freelancers, and small businesses. The company’s country head in Brazil reported last month that there was a waiting list of approximately 15,000 clients in Colombia. Caicedo indicated that this number has since increased, although he did not provide specific details.

Caicedo views Colombia as a promising market for expansion, particularly due to the ability to offer remittance services from other countries, including Spain, Mexico, and the United States, at no charge. This stands in contrast to competitors. A World Bank study released in June found that the average cost of sending $200 in remittances to Latin America is around 6% in service fees.

He remarked, “That’s a pain for families, that’s a lot of money.” Caicedo believes that Colombia presents significant potential for growth, dismissing concerns about competition from other fintech companies, such as Nubank, or traditional banks operating in the country.

Tareq Sikder

  • 1010 Articles
  • 9 Followers

A Forex technical analyst and writer who has been engaged in financial writing for 12 years.

  • 1010 Articles
  • 9 Followers

Finance Magnates Daily Update

Get all the top financial news delivered straight to your inbox. Stay informed, stay ahead.

Keep Reading

More from the Author

FinTech

The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar

The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar

The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar

The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar

The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams. 📣 Stay updated with the latest in finance and trading! Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today: 🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/ 👍 Facebook: https://www.facebook.com/financemagnates/ 📸 Instagram: https://www.instagram.com/financemagnates_official 🐦 X (Twitter): https://twitter.com/financemagnates/ 📡 RSS Feed: https://www.financemagnates.com/feed/ ▶️ Telegram: https://t.me/financemagnatesnews Don’t miss out on our latest videos, interviews, and event coverage. 🔔 Subscribe to our YouTube channel for more!🔔

The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams. 📣 Stay updated with the latest in finance and trading! Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today: 🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/ 👍 Facebook: https://www.facebook.com/financemagnates/ 📸 Instagram: https://www.instagram.com/financemagnates_official 🐦 X (Twitter): https://twitter.com/financemagnates/ 📡 RSS Feed: https://www.financemagnates.com/feed/ ▶️ Telegram: https://t.me/financemagnatesnews Don’t miss out on our latest videos, interviews, and event coverage. 🔔 Subscribe to our YouTube channel for more!🔔

The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams. 📣 Stay updated with the latest in finance and trading! Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today: 🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/ 👍 Facebook: https://www.facebook.com/financemagnates/ 📸 Instagram: https://www.instagram.com/financemagnates_official 🐦 X (Twitter): https://twitter.com/financemagnates/ 📡 RSS Feed: https://www.financemagnates.com/feed/ ▶️ Telegram: https://t.me/financemagnatesnews Don’t miss out on our latest videos, interviews, and event coverage. 🔔 Subscribe to our YouTube channel for more!🔔

The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams. 📣 Stay updated with the latest in finance and trading! Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today: 🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/ 👍 Facebook: https://www.facebook.com/financemagnates/ 📸 Instagram: https://www.instagram.com/financemagnates_official 🐦 X (Twitter): https://twitter.com/financemagnates/ 📡 RSS Feed: https://www.financemagnates.com/feed/ ▶️ Telegram: https://t.me/financemagnatesnews Don’t miss out on our latest videos, interviews, and event coverage. 🔔 Subscribe to our YouTube channel for more!🔔

More Videos

  • Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24

    Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24

    Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24

    Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24

    Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24

    Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24

  • 🌟 Explore cutting-edge solutions and connect with fintech leaders at FMLS:24!

    🌟 Explore cutting-edge solutions and connect with fintech leaders at FMLS:24!

    🌟 Explore cutting-edge solutions and connect with fintech leaders at FMLS:24!

    🌟 Explore cutting-edge solutions and connect with fintech leaders at FMLS:24!

    🌟 Explore cutting-edge solutions and connect with fintech leaders at FMLS:24!

    🌟 Explore cutting-edge solutions and connect with fintech leaders at FMLS:24!

  • 🤝 Meet industry leaders at the premier event for brokers – FMLS:24. Secure your spot today!

    🤝 Meet industry leaders at the premier event for brokers – FMLS:24. Secure your spot today!

    🤝 Meet industry leaders at the premier event for brokers – FMLS:24. Secure your spot today!

    🤝 Meet industry leaders at the premier event for brokers – FMLS:24. Secure your spot today!

    🤝 Meet industry leaders at the premier event for brokers – FMLS:24. Secure your spot today!

    🤝 Meet industry leaders at the premier event for brokers – FMLS:24. Secure your spot today!

  • Finance Magnates Pacific Summit 2024 | FMPS:24 Highlights

    Finance Magnates Pacific Summit 2024 | FMPS:24 Highlights

    Finance Magnates Pacific Summit 2024 | FMPS:24 Highlights

    Finance Magnates Pacific Summit 2024 | FMPS:24 Highlights

    Finance Magnates Pacific Summit 2024 | FMPS:24 Highlights

    Finance Magnates Pacific Summit 2024 | FMPS:24 Highlights

    Relive the best moments from the Finance Magnates Pacific Summit 2024 with our highlights video! ✨ From action-packed moments, insightful speaker sessions, the exclusive Opening Blitz, and immersive workshops, this video captures the energy and excitement of FMPS:24. Whether you attended or missed out, here’s your chance to experience the top moments that made FMPS:24 unforgettable. 🎬 Watch, share, and join the conversation! Don’t forget to use the hashtags #fmps #fmps24 #FMevents when sharing. Stay tuned for more events. See you next time! 📣 Stay updated with the latest in finance and trading! Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today: 🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/ 👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents 📸 Instagram: https://www.instagram.com/fmevents_official 🐦 Twitter: https://twitter.com/F_M_events 🎥 TikTok: https://www.tiktok.com/@fmevents_official ▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official Don’t miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!

    Relive the best moments from the Finance Magnates Pacific Summit 2024 with our highlights video! ✨ From action-packed moments, insightful speaker sessions, the exclusive Opening Blitz, and immersive workshops, this video captures the energy and excitement of FMPS:24. Whether you attended or missed out, here’s your chance to experience the top moments that made FMPS:24 unforgettable. 🎬 Watch, share, and join the conversation! Don’t forget to use the hashtags #fmps #fmps24 #FMevents when sharing. Stay tuned for more events. See you next time! 📣 Stay updated with the latest in finance and trading! Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today: 🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/ 👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents 📸 Instagram: https://www.instagram.com/fmevents_official 🐦 Twitter: https://twitter.com/F_M_events 🎥 TikTok: https://www.tiktok.com/@fmevents_official ▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official Don’t miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!

    Relive the best moments from the Finance Magnates Pacific Summit 2024 with our highlights video! ✨ From action-packed moments, insightful speaker sessions, the exclusive Opening Blitz, and immersive workshops, this video captures the energy and excitement of FMPS:24. Whether you attended or missed out, here’s your chance to experience the top moments that made FMPS:24 unforgettable. 🎬 Watch, share, and join the conversation! Don’t forget to use the hashtags #fmps #fmps24 #FMevents when sharing. Stay tuned for more events. See you next time! 📣 Stay updated with the latest in finance and trading! Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today: 🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/ 👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents 📸 Instagram: https://www.instagram.com/fmevents_official 🐦 Twitter: https://twitter.com/F_M_events 🎥 TikTok: https://www.tiktok.com/@fmevents_official ▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official Don’t miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!

    Relive the best moments from the Finance Magnates Pacific Summit 2024 with our highlights video! ✨ From action-packed moments, insightful speaker sessions, the exclusive Opening Blitz, and immersive workshops, this video captures the energy and excitement of FMPS:24. Whether you attended or missed out, here’s your chance to experience the top moments that made FMPS:24 unforgettable. 🎬 Watch, share, and join the conversation! Don’t forget to use the hashtags #fmps #fmps24 #FMevents when sharing. Stay tuned for more events. See you next time! 📣 Stay updated with the latest in finance and trading! Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today: 🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/ 👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents 📸 Instagram: https://www.instagram.com/fmevents_official 🐦 Twitter: https://twitter.com/F_M_events 🎥 TikTok: https://www.tiktok.com/@fmevents_official ▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official Don’t miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!

    Relive the best moments from the Finance Magnates Pacific Summit 2024 with our highlights video! ✨ From action-packed moments, insightful speaker sessions, the exclusive Opening Blitz, and immersive workshops, this video captures the energy and excitement of FMPS:24. Whether you attended or missed out, here’s your chance to experience the top moments that made FMPS:24 unforgettable. 🎬 Watch, share, and join the conversation! Don’t forget to use the hashtags #fmps #fmps24 #FMevents when sharing. Stay tuned for more events. See you next time! 📣 Stay updated with the latest in finance and trading! Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today: 🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/ 👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents 📸 Instagram: https://www.instagram.com/fmevents_official 🐦 Twitter: https://twitter.com/F_M_events 🎥 TikTok: https://www.tiktok.com/@fmevents_official ▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official Don’t miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!

    Relive the best moments from the Finance Magnates Pacific Summit 2024 with our highlights video! ✨ From action-packed moments, insightful speaker sessions, the exclusive Opening Blitz, and immersive workshops, this video captures the energy and excitement of FMPS:24. Whether you attended or missed out, here’s your chance to experience the top moments that made FMPS:24 unforgettable. 🎬 Watch, share, and join the conversation! Don’t forget to use the hashtags #fmps #fmps24 #FMevents when sharing. Stay tuned for more events. See you next time! 📣 Stay updated with the latest in finance and trading! Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today: 🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/ 👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents 📸 Instagram: https://www.instagram.com/fmevents_official 🐦 Twitter: https://twitter.com/F_M_events 🎥 TikTok: https://www.tiktok.com/@fmevents_official ▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official Don’t miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!

You Might Also Like

Stripe and FreedomPay Collaborate for Enterprise Solutions over 1,000 POS Systems

Payment Service Providers Shift to Fintech, 95% Report Banking Restrictions

Cinkciarz.pl Files 1.5 Billion Suit against Polish Banks amid License Row

Revolut Urges Meta to Compensate Fraud Victims on Its Social Media Platforms: Report

eToro UK's 2023 Net Income Drops 15% as Trading Commissions Decline

TAGGED:
Share This Article
Leave a comment

New Releases

- Advertisement -
Ad image

Trending Stories