MADRID 8 Oct. () –
Revolut announced this Tuesday its plans to expand its operations to Colombia, with the aim of offering its digital banking solutions in the country, one of the fastest growing markets in Latin America.
The company has begun the process of applying for a full banking license to the Financial Superintendency of Colombia, thus ensuring that it can offer a banking experience to customers in the country in the future.
Revolut is also providing the capital and resources necessary to meet the highest regulatory standards, showcasing its long-term vision for the region.
Colombia is a vibrant market with a rapidly evolving digital economy. According to data from the Colombian Ministry of Information and Communications Technologies, 80% of Colombians have access to the Internet and the fintech sector is experiencing unprecedented growth.
Revolut’s entry into Colombia is aligned with the growing demand for digital financial services that are inclusive, transparent and adapted to modern lifestyles.
Additionally, Colombia’s progressive regulatory environment, where instant payments and open banking are being promoted, offers a familiar operating landscape for Revolut. Having seen similar trends thrive in Europe, Revolut is confident in its ability to succeed and contribute positively to the Colombian financial ecosystem.
Once Revolut receives authorization from the Colombian Financial Superintendency, the initial product offering will include instant international money transfers and fast, cost-competitive transfers to and from more than 30 countries, with competitive exchange rates, especially benefiting the millions. of Colombians who receive remittances each year.
In addition, it will offer multi-currency accounts with the ability to hold, exchange and spend in more than 30 currencies from a single account, facilitating travel and cross-border commerce, and smart budgeting tools, with information and analysis to help users manage effectively. efficiently your expenses, savings and investments.
Likewise, Colombian users will be among the first in Latin America to experience Revolut’s future services, with early access to new products.
A KEY STEP IN REVOLUT’S STRATEGY FOR LATIN AMERICA
Colombia will be the fourth market in the Americas region for Revolut, following its launch in Brazil, the recent announcement of obtaining a banking license in Mexico, as well as its operations in the United States. The company sees enormous growth potential in the region and aims to bring its financial super app to millions of users throughout Latin America.
The decision to enter Colombia is based on the country’s strong technological infrastructure, growing fintech ecosystem, and strong demand for innovative digital banking solutions.
The CEO of Revolut Colombia, Diego Caicedo, stated that they are “excited” to bring Revolut to Colombia. “This is a key market for us as we continue to expand throughout Latin America. We believe our platform will empower Colombians to take control of their finances and provide a more efficient alternative to traditional banking services,” he highlighted.
COMMITMENT TO REGULATORY COMPLIANCE
Revolut’s expansion in Colombia will be supported by local partnerships and a dedicated team in Bogotá. The launch is conditional on obtaining the relevant licenses from the relevant legislators.
Revolut is pleased to have found very responsive, solid and robust regulatory and supervisory institutions. The company is working to ensure full compliance with local laws and regulations, reinforcing its commitment to security, transparency and user protection.
In the coming months, Revolut plans to launch additional features tailored specifically to the Colombian market, with the aim of helping consumers, freelancers and small businesses manage their finances more effectively.
“The company is dedicated to rolling out its full suite of products over time and is uniquely positioned to become the premier bank for its Colombian customers,” he explained.
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