Revolut Colombia Plans 1,000 ATMs and a 2027 Public Opening to Rival Nubank

Colombia · Banking

The British digital bank got its Colombian licence last week. Its local chief has now set out a five-year horizon, a cash-machine network and a public opening date.

Revolut Colombia has put a five-year horizon, a cash-machine network and a public opening date on its new licence. The British digital bank plans 1,000 ATMs and a progressive public opening in the first half of 2027.

Diego Caicedo, who heads the Colombian unit, told Bloomberg Línea in an interview published on Monday 21 September 2026. He framed the bank’s investment as money for its first five years.

A licence first, customers later

Revolut received its operating licence on Tuesday 15 September 2026 from the Superintendencia Financiera de Colombia, the country’s banking regulator. It was Revolut’s sixth full banking licence worldwide.

With the licence, Revolut announced a total commitment of 400 billion pesos (about US$125 million) and a pilot before year-end. About 200,000 people had joined its waiting list, the company said.

The same regulator had authorised the creation of Revolut Bank Colombia on 9 October 2025. At that stage Revolut committed initial capital of 146 billion pesos (about US$46 million at the current rate).

“We should be starting the pilot phase towards the end of the year,” Caicedo told Bloomberg Línea. The service would then open progressively to the public during the first half of 2027, the outlet reported.

He had given Cambio, a Colombian news magazine, a similar timetable on 16 September. He expects the first customers before year-end and a mass launch “in the first days of next year”.

Before then, the bank must connect to Colombia’s payment rails, including the central bank and the instant-payment system Bre-B. Caicedo told La República he expects that to take two to three months.

What the money buys

The 400 billion pesos (about US$125 million) is Revolut’s total commitment, including earlier capital, released gradually, La República reported. Caicedo told Bloomberg Línea it goes mainly into the bank’s capital base.

He called it “only the initial investment of what we hope will be much more”. Dollar figures here use the rate of 3,192.92 to the US dollar set by the Superintendencia for 21 September 2026.

Separately, the bank plans 1,000 cash machines over its first five years, starting in the largest cities, Bloomberg Línea reported. Revolut says Colombian deposits will carry insurance from Fogafín, the state deposit guarantee fund.

The bank will debut with credit, mainly cards, Valora Analitik reported. Caicedo told Portafolio and Cambio that joint accounts and children’s accounts from age six are also planned.

Accounts in 31 currencies depend on a further authorisation, for a representative office, which is still pending, Portafolio reported. Fixed-term deposits, known locally as CDTs, will come later.

Remittances are the opening pitch

Remittances are the money Colombians abroad send home, and they sit at the heart of the Revolut Colombia pitch. Caicedo told Cambio the country will receive about US$14 billion this year.

He also said Colombians pay “between 5 and 6 percent” on large transfers. He wants transfers between Revolut users to cost nothing.

“We don’t want to be one more card in the wallet, we want to be the main bank,” he told Cambio. His stated five-year goal is to rank among Colombia’s three or four largest banks.

The crowded field it enters

The obvious rival is Nu Colombia, the local arm of Brazil’s Nubank. It arrived in 2021 selling only credit cards and passed 5 million Colombian customers in May 2026.

Nu Colombia said last week it plans to invest about 5 trillion pesos (about US$1.57 billion) between 2026 and 2030. It holds more than 11 trillion pesos (about US$3.4 billion) in deposits and fixed-term savings, El Heraldo reported.

Nequi, the mobile wallet built by Bancolombia, is far larger, with 29 million users. On 1 September 2026 it split from Bancolombia into a separately licensed finance company.

Nequi remains wholly owned by Grupo Cibest, the holding company that also owns Bancolombia, Colombia’s biggest bank. The change lets it offer products such as fixed-term deposits under its own licence.

Lulo Bank, owned by the Gilinski family’s business group, was Colombia’s first fully digital bank with a banking licence. It reported more than 600,000 users in January 2026.

RappiPay, the financial arm of the delivery app Rappi, serves about 700,000 Colombian customers, Bloomberg Línea reported. It aims for 1.5 million by the end of 2027.

Why foreign banks want Colombia

Nearly all Colombian adults now hold a bank account or digital wallet. The regulator’s 2025 financial inclusion report, compiled with the state agency Banca de las Oportunidades, found 96.5% with a deposit product.

Credit is the gap. Only 36.6% of adults held a loan or card from a formal lender in 2025, the report found.

That leaves room for lenders willing to score first-time borrowers through an app. It is the gap Nubank used to grow in Colombia, and the one Revolut Colombia is now targeting.

Fees are the other opening. Newcomers such as Revolut pitch free transfers and cheaper cards against the costs Caicedo describes.

What happens next

The next milestones are the central bank connection, the pilot group of customers and the public opening. None has a firm date yet beyond Caicedo’s stated targets.

Revolut reported US$6 billion in revenue for 2025 and US$2.3 billion in pre-tax profit. It says it serves more than 80 million customers worldwide.

More: Colombia coverage, every day from The Rio Times.

Frequently Asked Questions

Can I open a Revolut account in Colombia now?

Not yet. Revolut received its Colombian banking licence on 15 September 2026, but it has not opened accounts to the public. About 200,000 people have joined its waiting list. Its local chief executive, Diego Caicedo, expects a pilot before the end of 2026 and a progressive public opening in the first half of 2027.

How much is Revolut investing in Colombia?

Revolut announced a total commitment of 400 billion pesos (about US$125 million) with its licence on 15 September 2026. The total includes capital pledged earlier and will be released gradually. Caicedo told Bloomberg Línea it covers the first five years and goes mainly into the bank’s capital base.

Who are Revolut’s main rivals in Colombia?

The best known is Nu Colombia, with 5 million customers. Nequi, owned by the Bancolombia parent Grupo Cibest, has 29 million users. Smaller digital players include Lulo Bank, with more than 600,000 users, and RappiPay, with about 700,000 customers.

Why is Colombia attractive to digital banks?

Almost all Colombian adults have a deposit account, but only 36.6% held formal credit in 2025, according to the national inclusion report. Remittances are also large, and Revolut’s local chief says transfer fees remain high. That combination leaves room for low-cost apps offering cards, loans and cheap transfers.

Sources: Revolut on its Colombian licence, Revolut on the October 2025 authorisation, Bloomberg Línea on the five-year plan, Cambio interview with Diego Caicedo, La República interview with Diego Caicedo, La República on the investment total, Portafolio on products and pending authorisation, Valora Analitik on products and goals, El Heraldo on Nu Colombia’s investment, Infobae on Nequi’s separation, Valora Analitik on Lulo Bank, Bloomberg Línea on RappiPay, El Tiempo on financial inclusion

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