Revolut has applied for a full banking license in Peru, deepening its push into Latin America as it aims to tap into the region’s digital finance boom.
Key Takeaways
- Revolut has applied for a full banking license in Peru, its fifth Latin American market after Brazil, Mexico, Colombia, and Argentina.
- The move supports Revolut’s global goal to reach 100 million users by 2027, targeting Peru’s high smartphone usage and underbanked population.
- Remittances and stablecoin payments are central to the company’s local strategy, with $4.93 billion in remittances sent to Peru in 2024.
- The expansion reflects growing private-sector interest in Latin America’s digital banking sector amid ongoing crypto and stablecoin adoption.
What Happened?
Revolut, one of the world’s largest digital banks, is expanding its presence in Latin America by applying for a banking license in Peru. This step allows it to offer regulated financial services and target the country’s largely underbanked population.
The application marks a deeper commitment to Peru’s market, where nearly universal smartphone adoption contrasts with limited access to traditional banking services.
⚡️JUST IN: Revolut has applied for a full banking license in Peru, a big step in its expansion across Latin America. pic.twitter.com/PELT6UPehZ
— Coin Bureau (@coinbureau) January 19, 2026
Revolut’s Strategic Move in Latin America
London-based Revolut is aggressively expanding into high-growth regions. The Peru launch comes after entry into Brazil, Mexico, Colombia, and Argentina, as part of the firm’s ambition to reach 100 million customers in 100 countries by 2027.
According to Revolut, a local banking license will let it offer localized financial products and improve access to everyday banking services for Peruvians. The company emphasized its plans to help accelerate digitalization, boost competition, and promote financial inclusion.
Carlos Urrutia, Head of Expansion at Revolut, said:
Julien Labrot, CEO of Revolut Peru, added that the company will work closely with regulators to offer a long-term, world-class banking solution.
Focus on Remittances and Crypto-Linked Payments
Peru’s reliance on remittances and the growth of stablecoin usage are central to Revolut’s local strategy. The firm cited that around 1 million Peruvians rely on money sent from abroad, with $4.93 billion in personal remittances recorded in 2024, according to the World Bank.
To address this need, Revolut plans to introduce services centered on remittance and cross-border payments, targeting a segment often underserved by traditional banks.
In addition, Revolut’s platform has seen rapid growth in crypto-related services. In 2025, it introduced 1:1 USD conversion for USDC and USDT stablecoins, driving a 156% surge in stablecoin payment volumes to $10.5 billion.
This aligns with a broader trend in Latin America, where fintechs like Mercado Libre, Nubank, and Lemon are adopting stablecoin technologies to support digital payments.
Revolut’s Recent Global Moves
Beyond Latin America, Revolut’s momentum has extended globally. The company recently received a crypto license in Cyprus and announced plans to launch a payment platform in India.
In 2024, the firm reported a 130% rise in net profit to 790 million pounds ($1.06 billion), boosted by strong user growth and increased crypto trading activity.
With over 70 million retail users worldwide and a valuation of $75 billion, Revolut is Europe’s most valuable fintech, aggressively positioning itself as a global banking leader.
CoinLaw’s Takeaway
I think Revolut’s push into Peru is a smart, well-timed move. In my experience watching fintech expand in emerging markets, success often depends on getting the basics right: trust, access, and local relevance. By focusing on remittances and stablecoins, Revolut is addressing real-world pain points that legacy banks often overlook. And let’s be honest, Peru’s underbanked population and booming smartphone usage offer the perfect storm of opportunity. I found it especially interesting how Revolut is aligning with the crypto movement, not just in buzzwords but in tangible products. If they play their cards right with regulators and the user experience, they could make a real impact in the region.
