Revolut, the company that claims to have everything that relates to money, has today announced the opening of its Us-Mexico remittance gateway which will help to ease the payments that happen between the users of the app in the US and Mexico.
This corridor has a lot of payment activity due to the migrant workers and the businesses on either side of the border and this move by the company would be looking to make use of this to improve its payments volume and add more users to its app.
“At Revolut, we believe sending peer-to-peer payments cross-border should be simple. In the context of today’s environment, people need to lean on each other for support now more than ever, and we are committed to providing consumers with a simple way to send money to loved ones and communities, no matter where in the world they may be. We know what matters most to our customers, how to ensure the largest amount of their hard-earned money being sent home makes it home. The launch of this remittance corridor is a major milestone for Revolut – one that we’re confident will improve the financial lives of customers in the US and Mexico,” said Ron Oliveira, CEO of Revolut USA.
The users would be able to send money to other users in either country with no hidden charges at the real exchange rate that is prevalent at that time. Likewise, Revolut users across the globe would be able to deal with 28 currencies and make exchanges between these currencies with no extra charges.
The company had recently raised $800 million from a variety of major investors which has increased its valuation to over $33 billion which makes it the most valued fintech company in the UK. The investors are excited by the possibilities that the app offers as it seeks to build a global super-app that users would be able to use for any financial service. That is its mission and it will be interesting to see how it traverses the various challenges that different regions and different regulators are going to bring in along the way.
The company is looking to establish a strong footing in the US before it moves to parts of Latin America like Mexico and Brazil and the establishment of this gateway would help a long way for this planned expansion.