Revolut Aims at Remittances, Seeks Banking License in Peru

• Revolut has filed for a full banking license in Peru to expand its footprint in Latin America and compete directly with established traditional banks.
• The expansion focuses on the $4.93 billion remittance market, offering digital cross-border payments to the one million Peruvians who rely on international money transfers.
• If approved, Peru would join Brazil, Mexico, and Colombia in Revolut’s regional portfolio.

Revolut is trying to become a regulated bank in Peru, filing for a full banking licence as it expands deeper into Latin America.

Revolut’s initial hook in Peru is cross-border money, reads the press release. The company has highlighted remittances and international payments, pointing to roughly 1 million people in Peru who depend on money sent from abroad. 

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Revolut’s entry into Peru is built on our belief that digital financial services should be empowering, accessible, and secure for everyone. By pursuing a full banking licence we are not just entering a new market – we are committing to becoming a trusted and integral part of Peru’s financial ecosystem.

Carlos Urrutia, Head of Expansion at Revolut.

Revolut to Expand Regional Operations

World Bank data shows personal remittances to Peru totaled US$4.93 billion (AU$7.5 billion) in 2024. Revolut Peru chief executive Julien Labrot said the goal is to increase competition and improve access to financial services.

We are here to contribute to the digital transformation of financial services, working closely with regulators to offer a long-term, trusted world-class banking solution for individuals and businesses alike.

Julien Labrot, CEO of Revolut Peru.

The licence matters because it would let Revolut run normal bank services under local rules, instead of operating only as a payments or app-based product. If Peru approves the application, the country would join Revolut’s regional lineup that includes Mexico, Colombia and Brazil. Bloomberg said Revolut’s main targets are established banks, not newer fintech competitors.

Chainalysis has estimated Latin America generated almost US$1.5 trillion (AU$2.2 trillion) in cryptocurrency transaction volume from July 2022 to June 2025.

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