MEXICO CITY, May 5 (Reuters) – The Mexican arm of digital bank Revolut, which launched in the country in late January, reported a capital injection of about $64 million last month, raising its total investment in the country to $167 million as it bolsters its expansion in Latin America’s second largest economy, the company said on Tuesday.
The UK-based digital bank said the capital injection was formalized through a 1.12 billion Mexican pesos ($64.47 million) increase to its basic capital.
BY THE NUMBERS
• Revolut’s total assets surged 275% in Q1, the company reported just nine weeks after its public launch.
• The bank had over 290,000 registered customers on its Mexico app as of end-March.
• Revolut posted a quarterly net loss of 153 million pesos.
• “The response from Mexicans has exceeded our expectations,” Revolut Mexico CEO Juan Guerra said, adding that the new funds will accelerate product rollout and growth.
($1 = 17.3723 Mexican pesos)
(Reporting by Javier Leira, Writing by Noé Torres, Editing by Brendan O’Boyle)
