By Nelson Bocanegra
BOGOTA, Sept 15 (Reuters) – British fintech Revolut has secured a banking license in Colombia and plans to begin operations in 2027, a company executive said on Tuesday, as it pushes deeper into Latin America.
The license will allow Revolut to offer a full range of banking products in the Andean country, country head Diego Caicedo said.
Caicedo said Revolut aims to become the third- or fourth-largest player in Colombia’s banking market within five years, highlighting the company’s ambitions in a country where digital finance is growing quickly but traditional lenders still dominate.
“We will start with deposit accounts, including the Revolut account, which will let customers manage and spend their money while also offering high-yield savings accounts,” Caicedo said. “We will also offer multiple credit cards and launch unsecured consumer loans next year.”
Revolut will invest $62 million in Colombia in digital banking infrastructure and financial technology, doubling its initial investments.
The move gives Revolut a foothold in one of Latin America’s most competitive fintech markets, where digital challengers are targeting consumers with mobile banking, cheaper payments and cross-border transfers.
Caicedo said Revolut is also completing the acquisition of a bank in Argentina. Last year, Revolut tied up a deal to purchase a local lender owned by BNP Paribas.
“We are going to have the main markets in Latin America,” Caicedo said.
Revolut already holds banking licenses in France, Australia and the United Kingdom. It has conditional approval in the United States and payments licenses in the United Arab Emirates and Peru.
Revolut has more than 80 million customers globally and posted $6 billion in revenue in 2025, up 46% from a year earlier, with pre-tax profit of $2.3 billion. In Colombia, around 200,000 people have joined its waiting list.
(Reporting by Nelson Bocanegra; Writing by Kylie Madry; Editing by Nick Zieminski)
