British-based fintech Revolut has set its sights on Mexico after securing a banking license in the country.
The firm has won the approval of the National Banking and Securities Commission, enabling it to set up shop as a multiple banking institution in Latin America's second-largest economy.
Revolut, which has more than 40 million users, has been hiring in Mexico for some time, building a team led by Juan Miguel Guerra Dávila.
The company is hoping to gain a significant share of the huge cross-border remittance market in Mexico - worth around $63 billion last year - but stresses it plans to offer a "wide range of financial products and services".
The Mexico launch comes a year after Revolut landed in Brazil, offering a global account with foreign exchange and remittance capabilities in 27 currencies.