U.K.-based fintech Revolut is seeking to improve the money transfer process across the U.S. and Mexico border. The company is launching its Revolut platform in Mexico, allowing users to easily send funds to over 35 countries worldwide at no cost.
Revolut Seeks to Expand International Reach
Revolut, a leading U.K. fintech, seeks to expand its international reach through a new launch in Mexico. The Revolut platform offers users free money transfers when sending funds to other platform users. Those money transfers occur at interbank rates, saving users significant money.
The launch of the Revolut platform in Mexico is the latest step in an impressive spurt of growth for the company, which offers a variety of financial services in over 35 countries across the globe. The company, which launched in the United States last year, also provides budgeting tools and single-use debit card numbers (also known as virtual card numbers).
The success of the Revolut platform in the U.S. has led to a desire to introduce more products and services to the American market. The company recently submitted an application for a U.S. banking license, opening up the possibilities for credit cards and other services in the future.
“Targeted to Ex-Pats”
The new Mexico launch of the Revolut platform is part of the company’s plans to tap the U.S.- Mexico corridor, which Chief Financial Officer Mikko Salovaara claims is the top remittance corridor globally.
“The proposition is especially targeted to ex-pats,” Salovaara said in a piece in MarketWatch. The company has noticed a correlation between experiencing its foreign exchange features and continued use of other Revolut platform features, critical for future growth.
“The point for us is if we can get users to deposit salaries into our accounts and have a balance with that, we benefit in a myriad of ways,” Salovaara said since this would open the chance for further growth in subscriber trading activity and other activities.
Mexico: a Booming Fintech Market
Mexico is one of the fastest-growing fintech and e-commerce markets in the world, with multiple companies jockeying for position in the burgeoning marketplace. For instance, Mexico City-based fintech startup Stori is seeking to improve access to credit by offering new ways to underwrite credit cards to underserved populations throughout Mexico.
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