Digital bank Revolut continues to focus on solidifying its position as a global fintech company with a series of strategic moves announced recently.
Founded in 2015, the company has grown steadily over the years, now reportedly serving millions of customers across a wide range of areas and jurisidictions.
Recent developments and milestones highlight its aggressive expansion into emerging markets, enhancements to its merchant services, and a valuation that places it among the world’s most prominent private companies.
These updates underscore Revolut’s commitment to product development, accessibility, and international growth.
One of the most significant announcements is Revolut’s formal application for a banking license from Peru’s Superintendency of Banking, Insurance, and Pension Funds (SBS).
This step marks a pivotal entry into the Latin American market, where digital financial services are rapidly evolving.
According to reports from SEMANAeconómica, Revolut is in the final stages of legal preparations to launch operations in Peru, appointing local leadership to navigate regulatory requirements.
Although the SBS has not yet received the official submission, sources close to the discussions confirm Revolut’s informal interest and ongoing preparations.
Javier Salinas, president of Peru’s Fintech Association, welcomes the move, stating it “will generate more competition and encourage innovation” in the country’s financial sector.
Revolut’s arrival could disrupt traditional banking by offering low-cost remittances, multi-currency accounts, and seamless international transfers—services particularly appealing in Peru’s remittance-heavy economy.
This expansion aligns with Revolut’s broader Latin American strategy, following its successful launches in Brazil and a banking license acquisition in Mexico earlier this year.
By securing a full banking license, Revolut aims to provide deposit protection, lending options, and localized products, potentially reshaping Peru’s digital finance landscape for underserved populations.
Complementing its geographic push, Revolut has introduced a “Pay by Bank” option to its Payment Gateway, enhancing security and efficiency for merchants and customers alike.
Pay by Bank, powered by Open Banking technology, allows users to authorize payments directly from their bank accounts via mobile apps or QR codes, eliminating the need for card details.
This reduces fraud risks, minimizes chargebacks, and ensures real-time fund transfers, improving cash flow for businesses.
The feature is initially rolling out in 13 European countries, including the UK, France, Germany, and Spain.
In the UK alone, Pay by Bank transactions have surged from 15 million to 27 million monthly over the past year, with 14 million users embracing it.
Globally, Juniper Research forecasts Open Banking adoption will explode from 183 million users in 2025 to over 645 million by 2029.
For merchants, integration is straightforward through Revolut Business, with account managers providing support.
This addition not only boosts customer satisfaction but also positions Revolut’s Gateway as an alternative to traditional card processors, potentially lowering fees and accelerating payouts.
Amid these operational advancements, Revolut has achieved a milestone in its financial stature.
A recent list compiled by Olek Skwarczek and the Multiples team ranks Revolut as the 8th most valuable private company worldwide, with a $75 billion valuation.
This places it ahead of peers like xAI and Binance, and it’s the only European firm in the top 10—highlighting the UK’s fintech prowess.
The rankings include SpaceX at $400 billion, ByteDance at $330 billion, and OpenAI at $300 billion, with Revolut joining just six other European companies in the top 50.
This valuation surge appears to reflect Revolut’s steady revenue growth—$2.2 billion in 2023—and its ability to scale amid economic uncertainties.
Investors value its diversified offerings, from crypto trading to business tools, and its resilience in a crowded market.
As Revolut eyes further expansions, this ranking seemingly signals confidence in its long-term potential.
To recap, Revolut’s Peru license pursuit, Pay by Bank launch, and relatively strong (estimated) valuation indicate a focused strategy driving global business expansion efforts.