Revolut applies for banking license in Peru for LATAM growth

Revolut seeks a full banking license in Peru to expand in Latin America, targeting underbanked users with regulated services and focusing on remittances and multi-currency products.

Revolut has applied for a full banking license in Peru, aiming to strengthen its presence in Latin America and serve underbanked, mobile-first customers. If approved, Peru would become Revolut’s fifth market in the region, joining Brazil, Mexico, Colombia, and Argentina. The company plans to operate as a regulated bank, offering deposits, loans, foreign exchange, and multi-currency services tailored to local needs. Regulatory approval from Peru’s Superintendence of Banking, Insurance and Pension Funds (SBS) may take several months as authorities assess capital, governance, and risk management. Remittances are a key focus, with nearly one million Peruvians receiving funds from abroad—a segment Revolut aims to attract through low-cost, app-based international transfers. This move aligns with Revolut’s global strategy to reach 100 million customers by 2027, leveraging new banking markets for growth.