Revolut has applied for a banking license in Peru. This is its fifth market in Latin America

British fintech company Revolut has applied for a full banking license in Peru, the company said in a statement. Obtaining the license will allow the startup to "launch a full line of localized products and services, giving residents of Peru more control over their personal finances," Revolut said.

Peru's financial system is highly concentrated, with the four largest banks accounting for about 82% of all loans issued, Bloomberg wrote, citing data from local regulator SBS. One of the company's advantages in Peru will be fund transfers and multi-currency accounts, as about 1 million people in the country live on money sent from abroad, Revolut Peru CEO Julien Labro told the agency.

Peru became the fifth country in the region where the company is launching operations. In 2025, Revolut obtained a banking license in Mexico, secured approval for a bank in Colombia and acquired a bank in Argentina. In Brazil, Revolut operates under a credit license.

Entering the Peruvian market is part of a global strategy to expand its customer base to 100 million people (from the current 70 million) and achieve annual revenues of $100 billion, Bloomberg notes. According to its information, Revolut is also targeting the Turkish market. On January 7, the agency, citing sources, reported that Revolut showed interest in buying a small fintech service FUPS, which received a banking license in 2022. The deal could make it easier for Revolut to launch its online services in the country, where local players still rely on office-based customer service.

Last November, Revolut announced the completion of a share sale at a valuation of the entire company at $75 billion. In September, the British The Times, citing sources, reported that Revolut was considering a dual-listed IPO - simultaneously in New York and London.

This article was AI-translated and verified by a human editor