The company plans to invest about $35.6 million and hire 30–50 employees in Colombia.
The firm expects to bring its services online in Colombia within 18 months.
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 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.
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 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.
Starling Bank Faces £29 Million Fine from FCA over Financial Crime
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
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The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Relive the best moments from the Finance Magnates Pacific Summit 2024 with our highlights video! ✨
From action-packed moments, insightful speaker sessions, the exclusive Opening Blitz, and immersive workshops, this video captures the energy and excitement of FMPS:24. Whether you attended or missed out, here’s your chance to experience the top moments that made FMPS:24 unforgettable.
🎬 Watch, share, and join the conversation!
Don’t forget to use the hashtags #fmps #fmps24 #FMevents when sharing.
Stay tuned for more events. See you next time!
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage.
Subscribe to our YouTube channel for more!
Relive the best moments from the Finance Magnates Pacific Summit 2024 with our highlights video! ✨
From action-packed moments, insightful speaker sessions, the exclusive Opening Blitz, and immersive workshops, this video captures the energy and excitement of FMPS:24. Whether you attended or missed out, here’s your chance to experience the top moments that made FMPS:24 unforgettable.
🎬 Watch, share, and join the conversation!
Don’t forget to use the hashtags #fmps #fmps24 #FMevents when sharing.
Stay tuned for more events. See you next time!
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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