Revolut has announced plans to enter the Peruvian market as part of its strategy for expanding in Latin America.
The fintech firm has submitted an application for a full banking licence, indicating its intent to operate as a fully regulated local bank instead of through partnerships or limited licences.
This would make Peru the fifth market where Revolut intends to expand, following public confirmation. The company aims to establish a locally incorporated business, subject to regulatory approval, rather than offering cross-border services from an existing hub.
Regulatory Compliance and Local Operations
As part of its entry into the Peruvian market, Revolut has appointed local representatives responsible for strategic oversight and operational functions. These officials will focus on building a local team, engaging with regulatory bodies, and tailoring products to meet domestic requirements.
Revolut emphasized that the pursuit of a full banking licence underscores its commitment to regulatory compliance and consumer protection from the outset. The company stated that this approach is designed to align with Peru’s evolving payments landscape, which includes recent efforts to promote digital payments and foster an open financial infrastructure.
The interest in entering Peru was linked to high smartphone usage coupled with ongoing challenges in traditional banking access. Revolut representatives suggested that a digital-only banking model could serve parts of the unbanked population, though specific timelines or product details have not been disclosed yet.
Beyond regulatory considerations, Revolut has indicated its plans to hire locally over the coming months. The firm noted that its remote-first work model might enable it to tap into a broader regional talent pool rather than relying exclusively on Lima-based staff.
These Peruvian plans are part of Revolut’s wider international expansion strategy. In 2024, the company reported revenue of around USD 4 billion, profits of approximately USD 1 billion, total assets of USD 33 billion, and a valuation of USD 75 billion.
