Fintech Revolut eyes more than $100 million in Mexico investments in 2024

By Thomson Reuters Apr 17, 2024 | 12:58 PM

MEXICO CITY (Reuters) – London-based financial technology company Revolut aims to invest more than $100 million in Mexico this year, the firm’s top local executive told Reuters on Wednesday.

Mexico Chief Executive Officer Juan Miguel Guerra said in an interview that most the investment plan will be used to hire staff and maintain liquidity ratios.

“We will be watching how the business evolves. The faster it grows, the more bets we will make,” Guerra said.

Revolut, which launched in 2015 and now counts 40 million clients in over 150 countries, announced last week that Mexican authorities granted the company a banking license.

As part of the company’s financial products and services, it aims to facilitate cross-border remittances for Mexican customers, added Guerra.

Remittances to Mexico reached a record $63.3 billion last year, mostly from senders in the United States and a nearly 8% jump from the prior year.

(Reporting by Diego Ore; Editing by David Alire Garcia)