The firm has won the approval of the National Banking and Securities Commission, enabling it to set up shop as a multiple banking institution in Latin America’s second-largest economy. Revolut, which has more than 40 million users, has been hiring in Mexico for some time, building a team led by Juan Miguel Guerra Dávila. The company is hoping to gain a significant share of the huge cross-border remittance market in Mexico - worth around $63 billion last year - but stresses it plans to offer a "wide range of financial products and services". The Mexico launch comes a year after Revolut landed in Brazil, offering a global account with foreign exchange and remittance capabilities in 27 currencies.