Key facts
- Revolut has obtained a banking license in Colombia.
- The fintech company plans to launch operations in Colombia in 2027.
- Revolut will invest an additional $62 million in Colombia's digital banking infrastructure.
- The company has over 80 million customers globally.
- Nearly 200,000 Colombians are on a waiting list for Revolut's services.
British fintech Revolut has secured a banking license in Colombia, according to a company statement. The company plans to begin operations in the South American country in 2027, a source told Reuters. Revolut stated it would invest an additional $62 million in Colombia in digital banking infrastructure and financial technology, doubling its initial investment. The license, granted by Colombia's banking authorities, was the final regulatory step required before launch. Revolut has more than 80 million customers globally and nearly 200,000 Colombians are on a waiting list to join. ColombiaOne.com reported that Revolut received approval from Colombia's financial regulator to establish a local bank and will invest 146 billion pesos (about US$37.1 million), with operations targeted for 2026. The Superintendencia Financiera de Colombia authorized the creation of Revolut Bank Colombia S.A., the first step toward a domestic banking charter. Revolut has up to 12 months to obtain its operating license. Diego Caicedo, CEO of Revolut Bank Colombia, called the authorization a significant step toward transforming the financial landscape. Revolut plans to roll out a full suite of digital products, including interest-bearing savings accounts, free international transfers, Visa debit and credit cards, joint and youth accounts, a Revolut Pro product, consumer lending, and Revolut Pay. The company highlighted the relevance of its services in Colombia, which receives over 39.3 trillion pesos (roughly $10 billion) annually in remittances. Revolut, founded in 2015, describes itself as a 'superapp' with approximately 65 million customers in 39 countries and has raised about 9.44 trillion pesos (US$2.4 billion) from investors.