Revolut Invests $100 Million in Mexico Amid Valuation Surge
Revolut, a UK-based fintech company, is injecting $100 million into Mexico following a 45% increase in its valuation by an investor, aiming to tap into the lucrative Latin American remittance market.
Recent reports reveal that Schroders Capital Global Innovation Trust has revised its stake in Revolut upward by 45%, from £5.44 million to £7.88 million, indicating a valuation surge to $25.7 billion compared to $17.7 billion last year.
However, the Trust’s stake value remains lower than its £10.1 million valuation at the end of 2021, when Revolut was valued at $33 billion.
In addition to this valuation boost, Revolut has swiftly capitalized on its newly acquired banking license in Mexico.
According to an interview with Reuters, Juan Miguel Guerra Dávila, the country lead, states that the $100 million investment will be allocated to staff recruitment, covering short-term debts and expenses, and maintaining a robust cash-on-hand balance.
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Revolut aims to carve out a significant share of Mexico’s sizable cross-border remittance market, valued at approximately $63 billion last year. However, the company emphasizes its broader strategy to offer a diverse range of financial products and services.
This expansion into Mexico follows Revolut’s entry into Brazil a year ago, where it introduced a global account featuring foreign exchange and remittance capabilities across 27 currencies.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
