Colombia Grants Revolut a Banking License as 200,000 Await

The Final Regulatory Hurdle Clears

Colombia’s Financial Superintendency has granted Revolut the license it needs to operate as a bank. The approval marks the last formal step before the British fintech can begin operations.

Revolut first won a narrower authorization to incorporate a local bank back in October 2025. This week’s decision upgrades that into a full operating license.

Revolut Colombia chief executive Diego Caicedo called it a milestone moment for the company. Group CEO Nik Storonsky said the license lets Revolut bring “financial stability to a dynamic market.”

Revolut now holds banking licenses in six markets: the United Kingdom, France, Australia, Lithuania, Mexico and now Colombia. The company has been expanding steadily across Latin America in recent years.

A Waitlist Already Near 200,000

Revolut says close to 200,000 Colombians have registered interest ahead of any public launch. That figure gives the company a built-in audience before it opens a single account.

The company plans to deploy roughly 400 billion pesos, or about US$128.7 million, gradually as it builds out Colombian operations. That is well above the US$100 million threshold executives had signaled earlier.

Caicedo said Revolut wants to become Colombia’s third-largest bank within five years. He measured that ambition by “principalidad,” meaning customers who treat Revolut as their main financial provider.

Globally, Revolut says it already serves more than 80 million customers. The company posted 2025 pre-tax profits of roughly US$2.3 billion on revenues near US$6 billion, up 46% year over year.

How the Approval Process Worked

Colombian banking law requires a two-step path for any new lender. Applicants must first win authorization to legally form a bank, then separately earn a license to actually operate.

Revolut cleared that first hurdle in October 2025, giving it roughly twelve months to meet operating requirements. Regulators typically review capital levels, governance structures and risk controls during that window.

Clearing the second stage this month means Revolut satisfied the Financial Superintendency’s operational standards. That includes systems to prevent money laundering and to protect customer deposits under Colombian law.

What Colombians Can Expect

Revolut’s initial Colombian lineup will include credit cards and multi-currency accounts. Customers will be able to hold pesos, dollars and euros side by side in one app.

The company also plans reward programs, financial-education products for children, and tools aimed at freelancers and small merchants. Executives have described the approach as launching most of Revolut’s core product at once.

Despite its digital-first model, Revolut intends to build a physical footprint too. It is targeting correspondent banking partnerships and ATM access covering roughly 95% of Colombian municipalities.

One of the company’s signature features, instant international transfers, is expected to matter especially for remittances. Colombia receives billions of dollars each year from citizens working abroad.

Timeline: Longer Than It Sounds

Despite the license news, Revolut is not opening its doors immediately. Company statements and Colombian press coverage point to a launch window stretching into late 2026 or 2027.

That gap reflects the scale of what Revolut is building rather than any lingering regulatory doubt. Standing up compliance systems, local infrastructure and staffing takes time even after a license is secured.

Executives have framed the wait as necessary to avoid a partial or watered-down debut. Carlos Urrutia, Revolut’s head of international expansion, has said the goal is delivering the full product from day one.

Entering a Crowded, Competitive Market

Revolut arrives in a Colombian banking sector already being reshaped by digital challengers. Brazil’s Nubank has spent recent years building a large Colombian customer base of its own.

Traditional lenders Bancolombia and Davivienda still dominate deposits and lending overall. Analysts expect Revolut to compete initially on transfers, foreign-currency accounts and fee-free international spending.

Colombia’s central bank data show the peso trading near 3,109 per US dollar this week. A stronger peso can make dollar-denominated foreign investment commitments, like Revolut’s, look larger in local currency terms.

Analysts note Colombia’s roughly 50 million people include millions still underserved by traditional banks. That gap is precisely the opening foreign fintech firms have targeted across the region.

Mobile payment apps and digital wallets have grown quickly in Colombia over the past five years. That shift has made consumers more receptive to app-only banking than they might once have been.

Why Colombia, Why Now

Revolut’s Colombian push follows earlier moves into Mexico, where it also secured a banking license and investment commitment. Colombia represents the company’s next major Latin American bet.

The timing coincides with a new Colombian government eager to court foreign investment after a rocky year for public finances. Officials have publicly welcomed large private commitments like Revolut’s as a vote of confidence.

Whether Revolut can convert its waitlist into a genuine deposit base will take years to answer. For now, Colombia gains one more well-capitalized entrant competing for its banking customers.

The Risks Ahead

Not every foreign fintech bet in Latin America has gone smoothly. Building trust with cautious depositors typically takes far longer than building an app or securing a license.

Revolut has also faced criticism elsewhere over customer-service response times as it scales quickly. Colombian regulators are expected to monitor complaint volumes closely once accounts go live.

Currency swings add another variable for a company reporting investment commitments in pesos. A weaker peso later could stretch Revolut’s stated budget further than currently planned, or shrink it in dollar terms.

Even so, a fresh banking license from a G20-adjacent economy’s top regulator is a rare vote of confidence. Colombian officials have cited it publicly as evidence the country remains investable despite recent fiscal turbulence.

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