British fintech company Revolut announced today (Tuesday) that it has applied for a banking license to operate in Colombia. This move comes as the firm seeks to strengthen its presence in Latin America. It follows its entry into Brazil last year and the acquisition of a banking license in Mexico in April.

Diego Caicedo, the Head of Revolut in Colombia, stated that the roll-out in the country is expected to take under two years. In an interview prior to the announcement, he noted: “Now we're working with the Colombian regulator.” He emphasized that the company aims to bring its services online in Colombia within the next 18 months.

Plans for Employee Hiring Initiative

In the initial phase, Revolut plans to hire between 30 and 50 employees. The company intends to invest around 150 billion pesos (approximately $35.6 million) in its pursuit of the banking license. Caicedo joined Revolut in August after previously leading the fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term company KLYM.

Once the banking license is secured, Revolut plans to offer a range of services. According to Caicedo, the goal is to provide clients with all the services they need. The company will initially launch products such as instant money transfers and multi-currency accounts.

Meanwhile, Revolut plans to launch its operations in Mexico during the first half of 2025, as noted by Juan Miguel Guerra Dávila, the company's CEO in Mexico. Guerra mentioned that there are more than 100,000 individuals on the waiting list to become customers, as reported by Finance Magnates.

Growing Client Base in Colombia

Revolut also aims to introduce financial management services tailored to consumers, freelancers, and small businesses. The company’s country head in Brazil reported last month that there was a waiting list of approximately 15,000 clients in Colombia. Caicedo indicated that this number has since increased, although he did not provide specific details.

Caicedo views Colombia as a promising market for expansion, particularly due to the ability to offer remittance services from other countries, including Spain, Mexico, and the United States, at no charge. This stands in contrast to competitors. A World Bank study released in June found that the average cost of sending $200 in remittances to Latin America is around 6% in service fees.

He remarked, “That’s a pain for families, that’s a lot of money.” Caicedo believes that Colombia presents significant potential for growth, dismissing concerns about competition from other fintech companies, such as Nubank, or traditional banks operating in the country.