Key Notes
- The British neobank filed its application with Peru’s SBS to provide deposits, loans and foreign exchange products.
- Regulatory review of capital requirements and governance protocols could extend for several months before authorization.
- Peru represents the fifth Latin American market following successful entries into Brazil, Mexico, Colombia and Argentina.
Revolut has applied for a Peruvian banking license to launch a full digital bank and accelerate its growth in Latin America.
This positions the UK fintech to compete locally, targeting underbanked users and those wanting multi-currency services, according to their press release.
Revolut Targets Peru with Full Banking Bid
The company confirmed it applied to Peru’s SBS for a banking license, seeking to become a regulated bank. Approval may take months as regulators review capital, risk, and governance before granting a charter.
Once licensed, Revolut could offer deposits, loans, and other banking products in Peruvian Soles and foreign currencies, according to the company.
Peru is the next stop on its Latin American roadmap, following previous expansions into Brazil, Mexico, Colombia, and Argentina. The company has not specified an exact launch date for its services in Peru, noting that the licensing process could take several months.
Remittances are key, as Revolut highlights its multi-currency expertise and international transfers. Nearly 1 million Peruvians receive funds from abroad, a segment it expects to draw with lower-cost, app-based transfers.
“Our focus is on bringing the best of Revolut to Peru while building a secure, compliant platform that genuinely serves future customers,” said Julien Labrot, CEO of Revolut Peru.
Global Expansion Fueled by Recent $75B Valuation
The Peru license bid is part of Revolut’s global plan to reach about 100 million customers and scale revenues over the next few years. The fintech, valued at $75 billion, is rolling out in high-growth markets, building payments, crypto, and wealth products as local regulatory approvals are secured.
The company aims to challenge incumbents by bundling payments, FX, savings, and crypto—just as in 30 European markets. Revolut says more competition will deliver better pricing and a modern user experience for Peruvians.
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José Rafael Peña Gholam is a cryptocurrency journalist and editor with 9 years of experience in the industry. He wrote at top outlets like CriptoNoticias, BeInCrypto, and CoinDesk. Specializing in Bitcoin, blockchain, and Web3, he creates news, analysis, and educational content for global audiences in both Spanish and English.