Revolut applies for full banking license in Peru amid Latin America push

Revolut, a London-based digital banking and payments company, has applied for a full banking license in Peru, Bloomberg reported on Monday. If approved, the license would allow Revolut to operate as a regulated bank in Peru, adding the country to a list of regional markets that already includes Mexico, Colombia and Brazil.

Bloomberg said Revolut plans to compete primarily with incumbent banks rather than newer fintech rivals. The company has identified remittances and cross-border payments as key parts of its local strategy, noting about 1 million people in Peru rely on money sent from abroad. According to World Bank data cited in the report, personal remittances to Peru totaled $4.93 billion in 2024.

Julien Labrot, Revolut’s Peru CEO, said the expansion is aimed at increasing competition and improving access to financial services in the local market. Revolut, founded in 2015, has expanded its crypto offerings alongside broader platform growth. In April 2025 the company reported a record year, saying 2024 net profit increased 130% to 790 million pounds ($1.06 million) year-on-year, driven by customer growth and a rebound in cryptocurrency trading activity.

In October 2025 it introduced 1:1 USD conversion for stablecoins, and an independent analysis estimated Revolut’s stablecoin payment volumes rose 156% year-on-year in 2025 to about $10.5 billion.

Key Topics

Business, Revolut, Peru, Latin America, Remittances, Stablecoins