Revolut and SumUp Invest in Mexico’s Fintech Market
London’s challenger bank Revolut and the payment company SumUp have made significant advances in Mexico’s fintech sector. This development comes as these firms seek to leverage the potential of the more than 4.5 million small businesses in the country, many of which are in the target audience for their payment products. Both companies have ambitious plans to expand further into Latin America in the future.
Revolut Secures Clearance to Operate in Mexico
The National Banking and Securities Commission and the Bank of Mexico have recently given Revolut the green light to operate as a digital bank in Mexico. This will allow the company to offer a wide range of financial services, including deposits insured by the IPAB, which is Mexico’s equivalent to the FDIC. Juan Miguel Guerra, CEO of Revolut Bank S.A., Institución de Banca Múltiple, expressed gratitude to the authorities for their confidence and commitment to fostering competition in the industry. He is optimistic that their offering will benefit millions of people across the country.
Revolut’s growth plans are not limited to Mexico. The company is also pursuing a license in Colombia and a potential acquisition in Argentina. The firm is working on building a financial super app in several markets, including the U.S., China, and its home market in the U.K. As part of its growth strategy, Revolut has introduced dozens of products, positioning itself as a strong competitor to technology-focused companies like PayPal and Block.
SumUp Launches in Mexico
SumUp, another London-based company, has also made its debut in Mexico. As it prepares for a potential IPO, SumUp has accelerated its international expansion. The company’s SumUp Go card reader and other payment products tailored to small to medium-size businesses are now available in Mexico. SumUp had already established its presence in Colombia and Peru.
Andrew Helms, director general of SumUp Mexico, sees the company’s expansion into Mexico as a crucial step in SumUp’s strategic growth across Latin America. The World Bank’s statistics underscore the potential of the market in Mexico, which has over 4.5 million small to medium-size businesses. A staggering 94% of these are micro-merchants, such as repair people, vendors, and landscapers.
Other Noteworthy Developments in the Fintech Sector
Meanwhile, other fintech companies are also making significant strides. For instance, cryptocurrency firm Coinbase has introduced stablecoin technology for payouts and payment links to tackle extra fees and inefficiencies in international business payments. Affirm has updated its partnership with Wayfair to place Affirm’s payments and buy now/pay later option at the point of sale, with the aim of achieving profitability by year-end. Furthermore, MUFG Bank, Sumitomo Mitsui Banking Corp., and Mizuho Bank are collaborating to issue a yen-backed stablecoin, set to launch in early 2026. Lloyds and hospitality technology company Lolly have developed a kiosk that facilitates account-to-account transactions, or “pay by bank,” bypassing the need for a card network to process payments. U.K. fintech Paysend is expanding its partnership with Visa to make its Enterprise API available to Visa merchants and partners in North America. Lastly, foreign exchange firm Travelex has added onshore wholesale banknote operations in Canada.
These developments indicate a vibrant and rapidly evolving fintech landscape worldwide, with Mexico emerging as an attractive market for global fintech firms. The expansion of Revolut and SumUp in Mexico underscores this trend and sets the stage for further growth and innovation in the region’s fintech sector.Here
