“So, right now we are working with the regulator in Colombia to be able to finish the process of establishing the entity and over the next 18 months we are going to be ‘operationalizing’ the bank locally to be able to go on air in Colombia,” said the boss. local, Diego Caicedo, in an interview before the announcement.
In the initial phase of operations, Caicedo said, Revolut plans to hire between 30 and 50 people and spend around 150 billion pesos ($35.64 million) in its attempt to obtain a banking license.
Revolut will first launch instant money transfers, multi-currency accounts and provide early access to other products such as cryptocurrency services and stock trading, the firm said in a statement.
It then plans to roll out additional financial management services for freelancers and small businesses, he added.
Revolut’s director in Brazil said last month that the company already has a waiting list in Colombia of around 15,000 customers.
Caicedo said that “it is much more than that,” although he did not give more details.
The executive sees Colombia as a privileged market for Revolut’s expansion, particularly through remittances from other countries where the firm operates, such as Spain, Mexico or the United States.
