Revolut Seeks Full Banking License in Peru to Expand in Latin America

Revolut has submitted its application for a full banking license in Peru as part of its strategic expansion across Latin America, according to a recent report by Bloomberg.

Key Takeaways:

Revolut aims to secure a banking license in Peru to strengthen its regulatory presence in Latin America.
The company focuses on the remittance market within a banking sector that is largely dominated by established players.
The increasing acceptance of cryptocurrencies and stablecoins is supporting Revolut’s expansion plans in the region.

If granted, this license will allow the London-based digital bank to function as a fully regulated lender in Peru, contributing to its growing operations that currently span Mexico, Colombia, Argentina, and Brazil.

The banking license will enable Revolut to offer tailored banking products and compete directly with Peru’s established banks instead of newer fintech rivals.

Revolut Seeks Full Banking License in Peru

Revolut Targets Peru’s Competitive Banking Landscape for Remittances

Peru's banking system is heavily consolidated, with the four largest banks responsible for approximately 82% of total loans, according to the national banking regulator, SBS.

Julien Labrot, CEO of Revolut Peru, expressed that the company recognizes a significant opportunity to heighten competition and enhance access to financial services, particularly for marginalized users.

A pivotal aspect of their strategy involves remittances, with Labrot highlighting that nearly one million Peruvians depend on money sent from abroad. The World Bank reported that personal remittances to Peru amounted to $4.93 billion in 2024.

The application for the banking license comes as Revolut expands its overall platform, which includes services related to cryptocurrencies and digital assets.

Established in 2015, the neobank celebrated a record performance in April 2025, with a 130% increase in net profit for 2024, reaching £790 million ($1.06 billion), largely fueled by customer growth and a resurgence in cryptocurrency trading.

In October 2025, Revolut launched 1:1 U.S. dollar conversions for stablecoins, allowing users to easily swap dollars for USDC and USDT.

Revolut’s movement is part of a broader phenomenon where fintech companies in Latin America are increasingly embracing crypto and stablecoin-based services. For instance, Mercado Libre introduced a dollar-pegged stablecoin in Brazil in 2024, and Nubank is working on stablecoin payment solutions tied to its credit offerings.

A Chainalysis report indicates that the region accounted for nearly $1.5 trillion in crypto transaction volume from July 2022 to June 2025, which illustrates why global entities like Revolut are ramping up their ambitions in Latin America.

Surge in Stablecoin Payments on Revolut as Daily Transactions Rise

Recent information reveals a dramatic increase in stablecoin usage on Revolut in 2025, with payment volumes surging by 156% year-over-year to approximately $10.5 billion.

Although Revolut has not released official figures, on-chain data indicates that the proportion of stablecoin payments on the platform nearly doubled compared to 2024, suggesting a growing trend beyond just trading and transferring funds.

Data from Dune Analytics illustrates that this growth was consistent throughout the year, rather than resulting from temporary spikes.

A significant portion of stablecoin transactions involved everyday activities, with transfers between $100 and $500 making up about 30% to 40% of stablecoin payments, demonstrating that users are increasingly turning to digital dollars for routine spending.