UK-based Revolut has recently received authorization from the Superintendencia Financiera de Colombia (SFC) to establish Revolut Bank Colombia S.A.

Revolut’s Entry into the Colombian Market

This approval marks a significant step for Revolut in its official entry into the Colombian market as a regulated financial institution and advances its goal of building a global bank.

Expansion Plans and Regulatory Requirements

With this authorization, Revolut can now start developing banking operations and infrastructure within Colombia. The next crucial step involves obtaining a licence to operate formally as a financial institution, known as the Licencia de Funcionamiento. Once these foundational steps are completed, Revolut is poised for its planned 2026 launch, when it will introduce a range of digital banking services tailored to meet the needs of Colombians.

This expansion includes the introduction of savings accounts, fee-free international transfers between Revolut users, and credit cards among other products.

Financial Investment

To support its operations in Colombia, Revolut has committed an initial capital investment of USD 37 million. This financial commitment underscores the company’s long-term dedication to Colombia and its customers there.

Aim for a More Inclusive Financial Ecosystem

In remarks on this milestone, Revolut officials stated that the approval will help them further their mission of enhancing the overall financial landscape in Colombia. The company plans to work closely with local stakeholders to contribute to the development of a more inclusive and technologically advanced financial ecosystem.

Global Growth Strategy

This achievement comes as part of Revolut’s broader strategy to expand its global footprint, which already includes live operations across the EU, UK, Australia, Japan, New Zealand, Singapore, US, and India. The company is also actively working on scaling its presence in Latin America.