Digital bank Revolut has submitted an application for a full banking license in Peru. This step marks the company’s latest effort to broaden its services across Latin America, where it aims to challenge entrenched players and cater to underserved populations. Revolut, known for its app-based financial services including currency exchange, cryptocurrency trading, and budgeting tools, is now sharply focused on expanding LatAm based operations.
As first reported by Bloomberg, the Peru bid is part of an expansion plan that includes ramping up to 100 million customers worldwide and achieving $100 billion in annual revenue.
By securing a banking charter in Peru, the firm intends to introduce a suite of tailored financial products, empowering locals with enhanced tools for managing their money.
Peru’s financial landscape presents both opportunities and hurdles for newcomers.
The sector is dominated by a handful of institutions, with just four major banks holding roughly 82% of the loan market, as reported by the national regulator SBS.
This concentration has limited innovation, leaving room for disruptors like Revolut to step in.
The company plans to focus on improving access for both those with existing bank accounts and the unbanked, potentially transforming how Peruvians handle everyday finances.
A key advantage Revolut highlights is its expertise in remittances and multi-currency transactions.
With around 1 million Peruvians depending on funds sent from overseas, the platform’s international transfer features could gain quick traction.
Julien Labrot, Revolut’s CEO for Peru and a veteran from Chile’s Banco Ripley, emphasized this edge, stating that the firm views itself as a catalyst for heightened competition and better user experiences across demographics.
“We’re positioned to elevate the banking journey for everyone in Peru, whether they’re already in the system or not.”
Labrot noted in discussions about the initiative.
This Peruvian venture is Revolut’s fifth foray into Latin America, building on recent efforts elsewhere.
In Mexico, it obtained a full banking license, allowing comprehensive operations.
Colombia granted approval for establishing a new bank, while in Argentina, Revolut acquired an existing institution to fast-track entry.
Brazil rounds out the list, where the company holds a credit license and is actively serving customers.
These moves reflect a calculated push into a region ripe for digital finance, where traditional banks often lag in technology and inclusivity.
Unlike some markets teeming with fintech rivals such as Nubank or Mercado Pago, Peru lacks significant new entrants, giving Revolut a relatively open field against legacy competitors.
However, navigating regulatory approvals and building trust in a concentrated environment will be crucial. The application process, overseen by SBS, could take months, but approval would enable Revolut to offer loans, deposits, and other core banking services locally.
Broader implications extend beyond Peru. Revolut’s Latin American strategy aligns with global trends in fintech democratization, where mobile-first solutions bridge gaps in financial access.
As remittances flow steadily into the region—bolstered by diaspora communities in the US and Europe—platforms like Revolut could reshape economic dynamics.
With a planned $13 billion investment fueling this growth, the company is seemingly betting big on Latin America‘s potential.
If successful, this license could accelerate Revolut’s regional dominance, fostering tech advancements, product development along with consumer choice.
For Peruvians, it promises more affordable, efficient financial tools in a market long overdue for disruption. As fintech evolves and continues to mature in 2026, Revolut’s expansion underscores the shift toward borderless, user-centric banking in the developing world.