Revolut Files for Peru Banking License to Expand Digital Banking Footprint in Latin America

Highlights:

• Revolut has applied for a full banking license to operate as a regulated bank in Peru.
• The Peru banking license supports cheaper remittances and cross-border payments for local users.
• Revolut’s crypto and stablecoin growth adds momentum to its wider expansion across Latin America.

Revolut has applied for a full banking license in Peru as part of its Latin America expansion, Bloomberg reported. The application would allow the company to operate as a regulated local bank if authorities approve it. This move places Peru alongside Mexico, Colombia, Brazil, and Argentina on Revolut’s regional roadmap. The company plans to compete mainly with established banks rather than newer fintech firms. Regulators may take several months to review capital strength, governance standards, and risk controls.

Britain’s #Revolut has applied for a full banking license in #Peru, marking its fifth Latin American market. The $75 billion fintech firm aims to reach 100 million customers by 2027 and has recently secured a #crypto license in Cyprus and plans a payment platform launch in… pic.twitter.com/jepiWHPVms

— Political Uprising (@Political_Up) January 19, 2026

Revolut confirmed it applied with Peru’s Superintendencia de Banca, Seguros y AFP. A full license would allow the company to offer deposits, loans, and payment services locally. Revolut said it intends to follow the same regulated banking model used across European markets. That model combines payments, foreign exchange, and digital services in one platform. The company has not mentioned a launch date because the review is still underway.

The increase in the demand for digital financial services has made Peru a priority market. Numerous consumers use mobile-first banking solutions in their everyday transactions. Revolut is hopeful that the regulated position will assist it in gaining confidence among users and partners. The company also anticipates a license that should facilitate long-term product growth.

Peru Banking License Shapes Revolut’s Focus on Remittances and Payments

Two of the areas that Revolut has identified as being strategic in its Peru strategy are remittances and cross-border payments. About one million people in Peru depend on foreign remittances. World Bank statistics show that personal remittances to the country in 2024 were $4.93 billion. Revolut aims to attract these users by providing cheaper international remittances.

Julien Labrot, CEO of Revolut Peru, said the expansion aims to improve access and competition in the local market. He said digital services can address long-standing gaps in financial inclusion. Revolut already operates international payment services in several global markets. Therefore, the company views Peru as a natural extension of its existing model. It anticipates that remittance users will embrace wider banking services in the long run.

Revolut also intends to compete with traditional banks over costs and convenience. The company feels that the digital platform will help cut expenses associated with global transfers. A primary target group includes freelancers and small businesses that receive foreign payments. Traditional banks tend to charge these users high charges and long processing durations. Revolut is trying to position itself as a cheaper and quicker option.

Crypto and Stablecoins Add Support to Regional Growth

Revolut’s Peru plans follow strong growth across its wider platform. The company reported a record year in April last year after releasing its 2024 results. The net profit rose 130% year on year to £790 million. Customer growth and a recovery in crypto trading activity supported the performance.

Revolut introduced one-to-one U.S. dollar conversions for stablecoins on its platform in October. The feature lets the user swap dollars for USDC and USDT. According to independent researcher Alex Obchakevich, the number of payments to stablecoins increased by 156% last year, reaching approximately $10.5 billion. This expansion indicates broader fintech enthusiasm for crypto-based payments in Latin America. Chainalysis estimated that the region produced almost $1.5 trillion worth of cryptocurrency transaction volume between July 2022 and June last year.

🚨 Revolut has just made a major crypto move!

Users can now swap USD to $USDC or $USDT 1:1 with zero fees or spreads — available across six blockchains.

A huge step toward mainstream stablecoin adoption.

Could this set a new standard for fintechs? 🤔#Revolut #Fintech… pic.twitter.com/qZqbx2tQHg

— CryptoMoses (@realcryptomoses) October 31, 2025

Other fintech companies have also been expanding the range of stablecoins and crypto services across the region. Mercado Libre introduced a dollar-pegged stablecoin in Brazil under its Mercado Pago unit. Nubank is also working on adding stablecoin payments to its card offerings. In Argentina, crypto wallet company Lemon expanded rapidly after securing new funding. These developments show rising demand for digital and crypto-enabled financial services across Latin America.