Global: Revolut secures Colombian banking licence and applies for Swiss approval

UK-based fintech company Revolut is expanding its international banking footprint after obtaining a banking licence in Colombia and submitting an application for a separate licence in Switzerland.

The company has received authorisation from Colombia’s financial regulator, the Superintendencia Financiera de Colombia, allowing it to operate as a regulated bank in the Latin American market.

Revolut said customers in Colombia will soon gain access to a comprehensive range of banking products, although it did not disclose a specific launch date.

Swiss banking licence application

Alongside its Colombian approval, Revolut has applied for a Swiss banking licence as it seeks to deepen its presence in the country.

The fintech currently serves more than 1.3 million Swiss customers through Revolut Bank UAB, its Lithuania-licensed banking entity. Securing a domestic licence would enable the company to offer a more fully localised banking proposition, including Swiss International Bank Account Numbers (IBANs), salary accounts, eBill services, merchant acquiring and participation in Switzerland’s deposit guarantee scheme.

Revolut said it plans to invest CHF150 million in Switzerland over the next five years. The investment will support the development of new products and the creation of local employment opportunities.

David Tirado, Chief Commercial Officer at Revolut, said the Swiss application represents an important step towards establishing a stronger long-term presence in the country.

“By applying for a Swiss banking licence, we are taking an important step towards becoming a more deeply rooted part of one of the world’s most important and advanced financial markets,” Tirado said.

He added that the move, alongside Revolut’s existing banking licences and regulatory infrastructure across Europe, would further reinforce the company’s compliance, governance and regulatory framework.

Banking expansion across major markets

Revolut, which has approximately 80 million customers globally, has accelerated its regulatory expansion across several major markets.

The company secured a full banking licence in the United Kingdom earlier this year, followed by a European banking licence in France and an Australian banking licence. It has also received conditional approval for a US national bank charter.

The latest developments in Colombia and Switzerland reflect Revolut’s strategy of moving beyond cross-border fintech services towards locally regulated banking operations in key markets.