Revolut announced on 15 September that it had received an operating licence from Colombia’s Superintendencia Financiera. The company described it as the final regulatory step before launch. Around 200,000 people had joined its Colombian waiting list, according to Revolut.
The authorisation follows preparations for entry into Colombia announced about a year earlier, local publication Cambio reported. Revolut already operates in Mexico and Brazil. The new licence allows it to establish a regulated banking operation in Colombia.
DEPOSITS AND LENDING PLANNED
Country head Diego Caicedo told Reuters that operations were planned for 2027. The proposed range includes deposit and savings accounts, credit cards and unsecured consumer loans.
Revolut said its Colombian proposition would focus on everyday banking and cross-border money management. It also identified Fogafín deposit insurance as part of the local framework for its forthcoming banking services.
REGULATORY MILESTONE PRECEDES LAUNCH
Cambio reported that Revolut had invested around £46 million in Colombia and intended to invest a similar amount gradually as the business expanded. The additional spending is planned, not completed.
The next operational milestone is the opening of customer services. Although management has identified 2027, the company announcement did not give a precise launch date or final product terms.