Revolut Applies for Peru Banking License to Expand in Latin America

Revolut Seeks Peruvian Banking License

Revolut has applied for a banking license in Peru to establish a digital bank and expand its presence in Latin America.
The fintech aims to serve underbanked users and offer multi-currency services, leveraging its expertise in international transfers.
Pending approval from Peru's SBS, Revolut plans to provide deposits, loans, and other banking products in both local and foreign currencies.
This move is part of a broader expansion strategy in Latin America, with previous entries into Brazil, Mexico, Colombia, and Argentina.
Remittances are a focus area, targeting nearly 1 million Peruvians who receive funds from abroad with cost-effective app-based solutions.

Global Strategy and $75B Valuation

Revolut's application aligns with its global growth plan to reach about 100 million customers, backed by a $75 billion valuation.
The company is expanding in high-growth markets with offerings in payments, crypto, and wealth management products.
Revolut challenges traditional banks by bundling services like payments, FX, savings, and crypto, enhancing competition and user experience.