Revolut gets Colombian banking licence
Revolut has received a licence to operate in Colombia, marking a significant milestone in its expansion into Latin America. The Colombian regulator, Superintendencia Financiera de Colombia (SFC), has approved Revolut to operate as a regulated bank, allowing it to launch a range of financial products in the country.
Over 200,000 Colombians have already signed up to the Revolut waitlist, indicating strong demand for the digital bank’s services. The Colombian unit will be led by Diego Caicedo, and the licence will enable Revolut to offer a range of financial products designed to resolve frictions in daily banking and cross-border money management.
Revolut’s expansion into Colombia is part of its broader global strategy. The digital bank has also applied for a local banking licence from the Swiss Financial Market Supervisory Authority (FINMA), which is currently under review. If approved, the licence would enable Revolut to offer a complete banking offering in Switzerland, including Swiss IBANs, salary accounts, and deposit protection under Swiss standards.
Revolut already has a significant presence in Switzerland, with over 1.3 million customers using its services via its Lithuanian arm, Revolut Bank UAB. The company has stated its intent to invest over CHF 150 million (approximately $183 million) in developing its Swiss offering, which will support the creation of new products and local jobs.
The new licensing announcements follow a year of regulatory successes for Revolut. In January, the bank applied for a banking licence in Peru, and later launched its banking services in Mexico. In March, Revolut secured its full UK banking licence, and in June, it landed two new licences in the UAE. The company also secured an Australian banking licence in July and French regulatory approval in August.
The company’s ability to adapt to complex regulatory environments and local market conditions has been a key factor in its success. By investing heavily in its Swiss offering and developing a range of new products and services, Revolut is demonstrating its commitment to providing high-quality financial services to customers in Switzerland and beyond. They are developing a portfolio of financial products designed to meet the needs of their customers.
