British neobank Revolut received approval from Colombia’s financial regulator to establish a local bank and will invest 146 billion pesos (about US$37.1 million), the company said, as it prepares to launch operations targeted for 2026.
The Superintendencia Financiera de Colombia authorized the creation of Revolut Bank Colombia S.A., the first regulatory step toward a domestic banking charter that would allow the company to take deposits, extend credit, and operate fully under Colombian rules. Revolut has up to 12 months to obtain its operating license and begin offering services to the public.
Diego Caicedo, chief executive officer of Revolut Bank Colombia, called the authorization “a significant step toward transforming the financial landscape in Colombia.” He said the company plans to work with local players to build “a more inclusive and technologically advanced” financial ecosystem. Revolut’s office in northern Bogota is already open, and the local team is expected to grow to 75–100 employees by launch.
Revolut is set to begin providing services for clients in Colombia
Revolut said it will roll out a full suite of digital products from day one. Among the offerings announced are interest-bearing savings accounts with no opening or maintenance fees; instant, free international transfers between Revolut users worldwide; Visa debit and credit cards at launch with Mastercard to follow; joint accounts and youth accounts for children as young as 7; a Revolut Pro product for independent professionals; consumer lending aimed at financial inclusion; and Revolut Pay, a global peer-to-peer payments network.
The bank framed its push as especially relevant in a country that receives sizable remittances from abroad: Colombia takes in more than 39.3 trillion pesos annually (roughly $10 billion), a flow Revolut said it expects to serve with cheaper, faster cross-border transfers.
Revolut, founded in 2015 by Nikolay Storonsky and Vlad Yatsenko, describes itself as a “superapp” with roughly 65 million customers in 39 countries. The company has raised about 9.44 trillion pesos (approximately US$2.4 billion) from investors, including SoftBank, Sequoia Capital, Tiger Global, and Mubadala, and its value in 2025 was about 295 trillion pesos (around US$75 billion) as it prepares for a possible initial public offering next year.
Revolut will become the newest competitor in Colombia’s online banking landscape
The investment and local charter position Revolut as a new competitor to Colombia’s largest banks, such as Bancolombia, Banco de Bogota, and Davivienda, and to growing digital players such as Nu Colombia, Lulo Bank, and RappiPay.
Unlike some fintech entrants that began under local partnership arrangements, Revolut intends to operate under its own Colombian banking license if it secures the final authorization.
“We’re in total mobilization mode,” Caicedo said, noting the firm’s high hiring standards and operational build-out ahead of the planned 2026 rollout. He added that Revolut aims to serve families who rely on remittances and Colombians working abroad who send money home.