Revolut has received an organisational license from Peru’s Superintendencia de Banca, Seguros y AFP (SBS), taking a significant step towards establishing full banking operations in the country.

This organisational licence, now bestowed upon Revolut by the SBS, enables the company to be officially registered and operate within Peru’s financial sector. However, it does not yet allow Revolut to engage in banking activities like selling financial products or accepting savings deposits.

Audit phase is pending for commercial launch

In order to fully operationalise its presence in Peru, Revolut must still request a regulatory audit from the SBS. This final step involves a mandatory verification visit and only after successfully completing it will Revolut be allowed to formally commence banking services in the country.

Once authorised, Revolut intends to introduce its full range of banking products and services in Peru, emphasising digital delivery, transparency, and personal financial control. The company has no plans to open physical branches but is considering the deployment of ATMs as a pilot program, an approach already tested in Spain.

This move will see Peru become Revolut’s fifth market in Latin America, following Argentina, Brazil, Mexico, and Colombia. The neobank aims to challenge local traditional lenders like BCP, BBVA, Interbank, and Scotiabank Peru directly.

The Peruvian banking landscape is largely controlled by a few large entities, and the regulatory framework requires Revolut to pass through multiple stages before it can start serving customers locally. Currently, the company operates in an interim phase where it cannot generate revenue from local users until full licensing is obtained.

No specific timeline has been announced for the completion of the SBS audit or the commercial launch in Peru.