Digital bank Revolut recently announced the acquisition of Swifty, an AI-powered travel agent startup incubated at Lufthansa Innovation Hub (LIH). This latest acquisition by Revolut brings Swifty’s AI tech and Co Founders Stanislav Bondarenko and Tomasz Przedmojski to Revolut, where they will focus on enhancing the Fintech company’s loyalty and lifestyle products for the digital banking plattform’s customer base.
This acquisition now aims to complement Revolut’s development of its AI financial assistant, building on the lifestyle offering. Swifty’s AI agent is designed to autonomously handle the travel booking process – from selecting flights and hotels to handling payments and invoicing – “all through a simple conversational interface.”
This tech will enable a better customer experience that combines smart financial guidance with the automated execution of complex travel and lifestyle tasks.
With this addition, Revolut continues to execute on its mission to simplify all things money while extending its “reach into the wider lifestyle ecosystem – giving customers more control, better value, and choice every day.”
Recently, it was also noted that Revolut has secured authorization to establish Revolut Bank Colombia S.A. (‘Autorización de Constitución’) from the Superintendencia Financiera de Colombia (SFC).
This latest milestone is now said to pave the way for its entry into the Colombian market as a regulated bank, advancing Revolut’s mission to “build the world’s first truly global bank.”
The licence enables Revolut to start building out its banking operations and infrastructure in Colombia.
This is the first of two regulatory milestones Revolut is set to achieve in order to operate as a bank; the next step is “to secure the licence to operate formally as a bank (‘Licencia de Funcionamiento’).”
With this foundation in place, Revolut is preparing for its 2026 launch, where it will introduce a “suite of digital banking products specifically designed for Colombian consumers -drawing on its experience in 39 other markets worldwide- including savings accounts, instant and fee-free international transfers between Revolut customers, and credit cards, among others.”
Revolut has committed an initial capital of “$146 billion (£28M/€32M) Colombian Pesos to fund the initial establishment and growth of its banking operations in the country.”
This investment underscores its commitment to the Colombian market.
Revolut is expanding its global footprint, with a mission to become a top three financial app in every market it enters.
Currently live across the EU, the UK, Australia, Japan, New Zealand, Singapore, the US, and India, the Fintech firm is increasing its presence in Latin America.
After its launch in Brazil in May of 2023, Revolut announced its plans to launch in Argentina, while also getting ready to launch in Mexico after “receiving its banking licence in 2024.”
Revolut’s business operations in Colombia will be conducted by a local subsidiary, Revolut Bank Colombia S.A., which is now serving as a bank in phase of authorization after “receiving the incorporation licence.”
The so-called “pre-operative” phase is described as a common or typical regulatory process for new banking service providers operating in Colombia, enabling them to complete operational readiness prior to a full-scale roll-out.
However, Revolut faces challenges as it is trying to obtain a full UK banking license in the UK. The issues stem from concerns regarding its risk controls keeping pace with its global expansion efforts, especially its international money laundering controls as well as IT systems.
The Prudential Regulation Authority (PRA) is said to be scrutinizing these risks prior to issuing a full license.
As of July of last year, Revolut received a license with restrictions, entering a “mobilisation” phase that could last as long as 12 months, during which the PRA and Financial Conduct Authority (FCA) are determining its readiness for full operation.
