Revolut Moves Into Mexico With Appointment of CEO Juan Miguel Guerra 

U.K. FinTech super app Revolut is expanding into Mexico and the Latin American market and named Juan Miguel Guerra CEO to build and lead its entry into the region, according to a press release emailed to PYMNTS on Friday (Oct. 22).

Formerly head of Bogota, Colombia’s online digital delivery service RappiPay, Guerra also brings experience to Revolut from senior executive roles at Citibanamex and other FinTech firms. Revolut’s expansion into Mexico is a key region as the company works to build its presence around the globe.

Most recently valued at $33 billion, Revolut moves into Latin America on the heels of the introduction of its U.S.-Mexico remittance corridor in July 2021, launched to facilitate money transfers between both countries. Roughly $4.5 million moved between Mexico and the U.S. just in May of this year, a 31 percent hike, BBVA Research data showed.

See also: Revolut Introduces Payment Corridor For US-Mexico Money Transfers

Nik Storonsky, CEO and co-founder of Revolut, said that Guerra brings an abundance of expertise in both FinTech and consumer tech, and he will be instrumental in helping us create the “world’s first truly global financial superapp.”

“We’re looking forward to transforming the way people in Mexico access and manage their money as we bring our products and services to more people around the world. Mexico is an important market in our expansion strategy,” Storonsky added.

Revolut launched in the U.S. in March 2020 and soon after introduced low-cost cross-border payments with the launch of its U.S.-Mexico remittance corridor. The feature gave Revolut customers in both countries the ability to move funds at the real exchange rate with no surprise charges.

Read more: Inside Revolut: 5 Banking and Payments Products Linked To UK’s Most Valuable FinTech

Headquartered in London and launched in 2015, Revolut developed its money transfer tools to be easy to use and completely transparent so users clearly know where and when funds flowed. Customers can also use the app’s bank transfer tracker to know the exact status of a transfer.

Guerra said Mexico is among the biggest Latin American opportunities for Revolut and he’s glad to “jump aboard this rocket ship” and lead the company as it grows and expands across his country.