Revolut Seeks Full Banking License in Peru to Expand Latin American Footprint

Revolut has formally applied for a full banking license in Peru, marking a strategic expansion into one of Latin America's most concentrated financial markets. The London-based neobank aims to challenge incumbent institutions by leveraging remittance flows and digital asset infrastructure.

Peru's banking sector remains dominated by four major players controlling 82% of loans. Revolut CEO Julien Labrot identifies untapped potential in serving underbanked populations, particularly the one million Peruvians reliant on cross-border remittances.

The application follows Revolut's established presence in Mexico, Colombia, Argentina and Brazil. Approval WOULD enable localized product offerings and direct competition with traditional banks rather than fintech startups.

Notably, the MOVE coincides with rising cryptocurrency adoption across Latin America. While the announcement doesn't specify digital asset services, Revolut's existing crypto offerings may factor into its regional strategy as stablecoins gain traction for cross-border settlements.