UK-based Revolut has announced that it has obtained authorisation to create Revolut Bank Colombia S.A. from the Superintendencia Financiera de Colombia (SFC).
Receiving the authorisation from SFC supports Revolut’s official entry into the Colombian market as a regulated financial institution and assists the company’s commitment to developing a global bank.
Revolut’s expansion plans for the Colombian market
With the licence, Revolut can begin developing its banking operations and infrastructure in Colombia. This comes as the first of two regulatory objectives Revolut is required to obtain to operate as a bank, with the next step including the receipt of a licence to operate formally as a financial institution, namely Licencia de Funcionamiento. Following the achievement of these foundational steps, Revolut can then prepare for its 2026 rollout, when it will launch a full suite of digital banking products developed to meet the needs of the Colombian market. The company’s offering is set to include savings accounts, instant and fee-free international transfers between Revolut customers, and credit cards, among others.
Furthermore, Revolut has also committed an initial capital of USD 37 million to support the creation and expansion of its banking operations in the region. Talking about its plans, the company mentioned that this substantial investment emphasises its long-term commitment to Colombia and its users in the country.
Commenting on this milestone, Revolut officials highlighted that the approval allows the company to further its mission of improving the overall financial landscape in Colombia. They added that Revolut intends to collaborate with local stakeholders and contribute to the development of a more inclusive and technologically advanced financial ecosystem in the country.
Before this, Revolut has been focusing its efforts on growing its global footprint, with the company now being live across the EU, the UK, Australia, Japan, New Zealand, Singapore, the US, and India, and working on scaling its footprint in Latin America.
