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Investing.com -- Revolut Ltd has received final approval from Mexico’s financial regulator to operate as a bank in the country, intensifying competition with Nu Holdings Ltd and MercadoLibre Inc in Latin America.
The London-based fintech company got the green light from the Comision Nacional Bancaria y de Valores (CNBV) on Monday, marking its second regulatory approval in the region this month. Revolut plans to initially launch services for a small group of clients currently on a waiting list, though the company did not specify when operations would officially begin.
"We have adapted our world-class banking platform to serve clients all over Mexico, domestically or abroad, and this is just the beginning," said Juan Miguel Guerra, Chief Executive Officer of Revolut’s Mexican operation. Guerra added that the company expects to serve "millions of people" in the country.
The expansion into Mexico represents a significant step in Revolut’s Latin American growth strategy as it competes with established fintech players in the region.
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