Revolut to Launch full-Service Financial App in Colombia, challenging Conventional Banks
Medellín, Colombia – Revolut, the global financial technology giant, is poised to disrupt ColombiaS banking sector with a full-suite launch, foregoing the phased rollout adopted by other neobanks. The company will invest $146,000 million (USD) to compete directly with established players like Bancolombia and Davivienda, bringing a comprehensive range of financial products to the Colombian market.
Revolut’s entry marks a notable escalation in competition within Colombia’s financial landscape. Unlike competitors who initially offered limited services, Revolut plans to offer it’s entire value proposition from day one, according to country manager, Caicedo. This includes remunerated savings accounts with no opening or maintenance fees, instant and free international transfers between Revolut users globally, and both Visa and Mastercard credit and debit cards.
Further offerings will encompass joint accounts for couples, accounts for children aged seven and over, a Revolut pro account tailored for autonomous professionals, and consumer credits focused on financial inclusion.The company will also introduce Revolut Pay, a peer-to-peer global payments network designed for instant international money transfers. This last product is expected to significantly impact the more than US$10 billion in remittances Colombia receives annually,perhaps lowering costs for millions of households,according to the Bank of the Republic.
Founded in 2015 as a currency exchange and international transfer app, Revolut has evolved into a “financial super app” serving over 65 million customers across 39 countries, processing over one billion monthly transactions. The company’s model integrates banking, payments, investments, insurance, and cryptocurrencies for both individuals and businesses, already offering mortgages, investment products, and wealth management services in Europe.
To date, Revolut has secured over $2.4 billion in funding from investors including SoftBank,Sequoia Capital,Tiger Global,Ribbit capital,and Mubadala,achieving a valuation of US$75 billion as of 2025. The company is currently preparing for a potential IPO in 2026. Revolut intends to grow its Colombian team to between 75 and 100 employees at launch.
