Revolut’s Latin American Gambit: Full Banking License Application in Peru Signals Aggressive Fintech Expansion

Another fintech giant is betting big on Latin America—and this time, it's not just about digital wallets.

Revolut, the UK-based financial app that's already a household name across Europe, just filed paperwork for a full banking license in Peru. That's right—full banking. Not a partnership, not a light-touch regulatory sandbox play, but the whole shebang. It's a move that screams ambition and could reshape how millions in the region access everything from savings accounts to loans.

Why Peru, and why now?

Look at the map. Peru sits as a strategic gateway in South America, with a growing, digitally-savvy population and a financial sector ripe for disruption. Traditional banks there still treat retail customers like an afterthought—think high fees, labyrinthine processes, and branches that close at 3 PM. Revolut sees that gap and is charging straight through it.

This isn't a toe-dip; it's a cannonball. A full license means Revolut Peru could offer insured deposits, issue credit, and run a fully-fledged local banking operation. It's the regulatory green light to compete directly with century-old incumbents on their own turf, but with a tech stack that moves at the speed of the internet.

The crypto connection you didn't ask for (but we're telling you anyway).

Let's connect the dots. Revolut has been a major on-ramp for crypto trading in Europe. Securing a banking license in a new jurisdiction doesn't just build trust for everyday banking—it lays the regulatory groundwork for integrating digital asset services down the line. In a region where cryptocurrency adoption is surging as a hedge against inflation and currency volatility, controlling the licensed banking rails is a masterstroke. It's a long-term play to become the primary financial interface, whether you're paying for groceries or trading the next big altcoin.

A cynical jab at the old guard? They're probably still using fax machines to approve the press release about 'digital innovation.'

One thing's clear: the global fintech land grab is accelerating. Revolut's Peru play is a bold declaration that the future of finance in emerging markets won't be built by legacy institutions—it'll be coded, deployed, and scaled by apps. Watch this space; the real battle for your wallet is just beginning.

Revolut Targets Peru’s Concentrated Banking Market With Remittance Push

Peru’s financial system is highly concentrated, with the four largest banks accounting for roughly 82% of total loans, based on data from the national banking regulator SBS.

Revolut Peru CEO Julien Labrot said the company sees an opportunity to increase competition and improve access to financial services, particularly for underserved users.

Remittances are expected to play a central role in the strategy, with Labrot noting that around one million people in Peru rely on money sent from abroad.

According to the World Bank, personal remittances to Peru reached $4.93 billion in 2024.

The license application comes as Revolut continues to scale its broader platform, including its crypto and digital asset services.

Founded in 2015, the neobank reported a record year in April 2025, with 2024 net profit rising 130% to 790 million pounds ($1.06 billion), driven by customer growth and a rebound in cryptocurrency trading.

In October 2025, Revolut introduced 1:1 U.S. dollar conversions for stablecoins, allowing users to exchange dollars directly into USDC and USDT.

Revolut has applied for a full banking license in Peru, the 5th country in Latin America.

The license would allow the company to “roll out a comprehensive range of localised products and services, offering Peruvians greater control over their finances,” Revolut said in a… pic.twitter.com/BqUavQaEk0

Revolut’s push reflects a wider trend among fintech firms in Latin America moving deeper into crypto and stablecoin-based services.

Mercado Libre launched a dollar-pegged stablecoin in Brazil in 2024, while Nubank is developing stablecoin payments linked to its credit products.

A report from Chainalysis shows the region generated nearly $1.5 trillion in crypto transaction volume between July 2022 and June 2025, showing why global players like Revolut are accelerating their Latin America ambitions.

Stablecoin Payments on Revolut Surge as Everyday Use Gains Momentum

As reported, stablecoin usage on Revolut accelerated sharply in 2025, with payment volumes estimated to have jumped 156% year over year to about $10.5 billion.

While Revolut has not published official figures, onchain data suggests stablecoins nearly doubled their share of total payments on the platform compared with 2024, pointing to growing adoption beyond trading and transfers.

Blockchain data compiled via Dune Analytics shows that growth was steady throughout the year rather than driven by short-term spikes.

Much of the activity came from routine transactions, with transfers between $100 and $500 accounting for roughly 30% to 40% of stablecoin payments, indicating that users are increasingly relying on digital dollars for everyday spending.