Key Points
- Revolut launched in Mexico with a headline 15% savings rate, capped at 25,000 pesos ($1,389).
- The firm says it has put more than $100 million into the country and targets two million customers by end-2026.
- The move raises pressure on rivals like Nubank and Mercado Pago, and on big banks that still dominate deposits.
A number can change behavior faster than any slogan. In Mexico, that number is 15%.
Revolut, the London fintech, has opened banking operations in Mexico. It is using a high savings yield to break into a market where a few incumbents still set the tone.
The offer is bold, but fenced. Revolut’s terms say the 15% annual rate applies only to the first 25,000 pesos ($1,389) in its “daily yields” savings feature.
Above that cap, the yield drops in tiers, around 7% to 7.5% up to 1,000,000 pesos ($55,556). Higher balances step down again, reaching up to 5% in the top tier. The initial promotional window runs from January 27 to January 31, 2026.
That fine print explains the strategy. Revolut wants to become a primary account, not a backup card. A capped, above-market rate pulls in smaller savers first. It then tries to keep them inside the app for everyday payments and transfers.
Mexico’s benchmark policy rate was 7.00% on January 28, 2026. The gap suggests the 15% headline is a subsidized entry offer, not a permanent reset.
Revolut’s Mexico chief, Juan Guerra, says the company deployed more than $100 million and wants two million customers by end-2026. Before launch, Revolut reported about 40,000 trial users and roughly 250,000 people on a waitlist.
The competitive target is clear. Nu Holdings wants a banking license by late 2026. Mercado Pago is also seeking approvals. Traditional banks are answering with better apps and selective promotions.
Revolut also sells reassurance. As a licensed bank, deposits fall under IPAB protection up to 400,000 UDIs, about 3.42 million pesos ($186,000) in October 2025.
The story behind the story is portability. If customers learn to switch for yield and service, fee-heavy models get squeezed.
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