Revolut Seeks Peru Banking License Amid Latin America Expansion
Revolut has applied for a full banking license in Peru to expand its regulated operations in Latin America, focusing on remittances.Summary
London-based digital banking firm Revolut has applied for a full banking license in Peru as part of its ongoing expansion across Latin America, joining markets like Mexico, Colombia, and Brazil. If approved, Revolut plans to compete primarily with established incumbent banks, targeting remittances and cross-border payments, given that nearly one million people in Peru rely on money sent from abroad, totaling $4.93 billion in 2024. This move aligns with Revolut's recent strong financial performance, including a 130% increase in 2024 net profit, and its broader push into cryptocurrency services, such as enabling 1:1 USD conversion for stablecoins. The expansion also reflects a wider trend in Latin America, where other fintechs like Mercado Libre and Nubank are also integrating dollar-pegged stablecoins into their financial offerings.
(Source：Cointelegraph)