Revolut México Reaches 635,000 Users in 2Q26, Deposits Jump 94%

Revolut Bank México expanded its retail customer base to over 635,000 users and grew deposits to MX$7.278 billion in 2Q26, supported by a US$167 million cumulative investment. As the first independent digital bank to secure a greenfield commercial license from CNBV and Banxico, Revolut's expansion reflects growing competition and capital deployment within Mexico’s regulated banking market. The bank's scaling phase underscores a broader structural shift among digital platforms toward full-service banking models operating under IPAB deposit protections.

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Revolut Bank México hit over 635,000 users in 2Q26, reporting a 94% increase in total deposits less than six months after receiving approval to commence full commercial banking operations in Mexico. Between April and June 2026, the bank grew its customer base from more than 290,000 users recorded at the end of 1Q26 while maintaining solvency and liquidity indicators above minimum regulatory thresholds.

"Our strong capital and liquidity positions, alongside diligent risk management, provide a solid foundation for our future growth," said Juan Guerra, CEO, Revolut Bank México. Guerra noted that the financial institution expects user adoption to maintain its momentum in upcoming quarters as new financial products and service enhancements are integrated into its platform.

Total deposits reached MX$7.278 billion (US$424.711 billion) by the close of 2Q26, which Guerra primarily attributed to user adoption of Revolut Mexico’s yield-generating "Cuenta Personal." He noted that the bank also expanded its digital ecosystem in Mexico through the introduction of embedded eSIM mobile data plans designed for cross-border connectivity. 

To support balance sheet expansion, the institution held MX$10.88 billion (US$634.865 million) in cash, cash equivalents, and investments at the end of June. Both the Capitalization Index (ICAP) and the Liquidity Coverage Ratio (CCL) remained significantly above thresholds mandated by Mexican financial authorities. Operational capacity was supported in April through a Tier 1 capital increase of MX$1.12 billion (US$65.654 million) executed through equity contributions.

Credit risk metrics remained constrained throughout the scaling period. The bank's non-performing loan ratio (IMOR) stood at 0.18% at the end of the second quarter, with 99.1% of its total loan portfolio classified in Stage 1, representing the lowest risk category under accounting standards. The credit portfolio encompasses more than 35,000 active credit card holders.

Despite the positive performance, Revolut Bank México reported a net operating loss of MX$220 million (US$12.836 million) during the quarter. Bank executives stated that the loss was planned, representing administrative scaling costs, interest payments to deposit account holders, and preventive credit loss reserves created to back ongoing loan portfolio growth.

Beyond core banking products, the institution expanded its digital ecosystem in Mexico through the introduction of embedded eSIM mobile data plans designed for cross-border connectivity. Revolut’s growth occurs within an evolving retail digital banking sector in Mexico, where entities such as Nu México, Banco Plata, and Hey are expanding under full commercial banking licenses granted by the National Banking and Securities Commission (CNBV). As a fully regulated commercial bank, Revolut provides retail clients with deposit insurance under the Institute for the Protection of Bank Savings (IPAB) up to the legal statutory limit.

Revolut Expands Mexico Growth Strategy

The rapid customer acquisition recorded during the second quarter follows a multi-year investment program and an extensive regulatory licensing process in Mexico. The bank’s US$65.654 million capital injection completed in April increased Revolut's cumulative investment in Mexico to US$167 million. This capitalization builds on an earlier corporate commitment to deploy US$100 million throughout 2026 to establish local banking infrastructure and expand its retail market presence across the country.

According to Guerra, the additional capital resources will support the next phase of operational scaling after consumer demand exceeded internal forecasts. "We are here to stay and revolutionize banking with a long-term vision," Guerra said, emphasizing that the convenience of accessing interest-bearing accounts, credit cards, and instant domestic and international transfers through a single application served as a primary driver of user acquisition during 1H26.

The official launch of commercial banking operations on Jan. 27, 2026, concluded a beta testing phase that began in November 2025. The launch made Revolut Mexico’s first independent digital bank to complete the country’s licensing process ground-up, rather than entering the market by acquiring an existing financial institution or banking license.

The nationwide rollout established Mexico as the first market outside Europe where Revolut operates as a fully licensed bank, expanding the group's global footprint to 40 countries and more than 65 million retail customers worldwide. The initial beta phase enabled the institution to test localized product features, validate IT systems, and ensure operational compliance with domestic banking norms.