Britain’s digital bank Revolut has formally applied for a full banking licence in Peru, marking its fifth planned market in Latin America as part of a broader strategy to deepen its presence in high-growth regions. The move expands the fintech’s footprint beyond its core European market and follows applications or plans in Brazil, Mexico, Colombia and Argentina.
The London-based firm, valued at about $75 billion and serving more than 70 million customers worldwide, said the licence bid reflects its drive to reach 100 million customers by 2027. A full licence in Peru would allow Revolut to introduce a wider suite of localised banking products rather than operating solely through limited licences or e-money frameworks.
Revolut’s application comes amid what it described as strong digital banking potential in Peru, a market characterised by near-universal smartphone adoption and a still substantial underbanked population. The regulatory bid suggests a commitment to establishing a regulated local entity capable of offering services such as deposits and loans, subject to approval by Peruvian authorities.
The company’s expansion plans situate Peru as a strategic addition to its Latin American roadmap. A broader licence would enable Revolut to compete more directly with traditional banks and other fintech players in the region, potentially accelerating digital financial inclusion among consumers previously underserved by conventional banking infrastructure.
Revolut has recently diversified in other markets as well, including securing a crypto licence in Cyprus and announcing plans for a payment platform launch in India, underscoring a push into both regulated banking and adjacent financial services globally.
