Revolut commits $125M to Colombia, targets 2027 public launch against Nubank
What's the deal? Revolut will invest 400 billion pesos (about $125 million) in Colombia, install 1,000 ATMs over five years, and open progressively to the public in the first half of 2027. Diego Caicedo, who heads the Colombian unit, set out the timeline in an interview with Bloomberg LíneaDealroom has a profile for this one. Try Dealroom →. The British digital bank received its operating licence on September 15, 2026 — its sixth full banking licence worldwide.
Why now? The licence, from the Superintendencia Financiera de Colombia, unlocks a market entry Revolut has been building toward since the regulator authorised its local bank in October 2025. Some 200,000 people have already joined its waiting list, the company said.
What comes first? A pilot is due before the end of 2026, followed by a mass launch in early 2027. The bank must first connect to Colombia's payment rails, including the central bank and instant-payment system Bre-B — a process Caicedo expects to take two to three months.
What the money buys. The 400 billion pesos, released gradually, goes mainly into the bank's capital base. Caicedo called it "only the initial investment of what we hope will be much more." Deposits will carry insurance from Fogafín, the state deposit guarantee fund.
The catch. Nobody can open an account yet, and multi-currency accounts in 31 currencies hinge on a further authorisation that is still pending. Revolut will debut with credit, mainly cards, adding joint accounts and children's accounts from age six.
The rival to beat. Nu ColombiaDealroom has a profile for this one. Try Dealroom → already has 5 million customers and plans about 5 trillion pesos (about $1.57 billion) of investment through 2030. Revolut is entering as a challenger many times smaller in local scale, betting on cheaper remittances — money Colombians abroad send home — as its opening pitch.
The signal: Colombia is becoming a proving ground for global digital banks chasing Latin America's underbanked, and Revolut's licence-first, customers-later approach shows how slowly regulatory groundwork moves relative to headlines. The five-year horizon and $125 million commitment signal a long game rather than a quick land grab.
Read more: riotimesonline.com
Image credit: Generated with Gemini
