UK-based fintech Revolut has applied for a full digital banking license in Peru as part of its broader strategy to deepen its presence across Latin America. The company aims to operate as a regulated bank, offering deposits, loans, foreign exchange, and multi-currency services to local users.
The application was submitted to Peru’s banking regulator, the Superintendence of Banking, Insurance and Pension Funds (SBS). Regulatory approval could take several months, as authorities review capital requirements, governance structures, and risk management frameworks.
Peru would become Revolut’s fifth Latin American market, following its expansion into Brazil, Mexico, Colombia, and Argentina. The company has not announced a specific launch date, citing the length and complexity of the licensing process.
Once authorized, Revolut plans to offer banking products in Peruvian soles and foreign currencies, positioning itself to compete with traditional banks and target underbanked users seeking digital-first financial services.
Remittances are a central part of Revolut’s Peru strategy. Nearly one million Peruvians receive money from abroad, a segment the fintech expects to attract through its app-based, lower-cost international transfers and multi-currency accounts.
“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.
Revolut stated that increased competition in Peru’s financial sector could lead to better pricing and a more modern user experience, replicating its bundled financial services model already deployed across more than 30 European markets.
Source: Company statements and regulatory disclosures.
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