Revolut Applies for Full Banking License in Peru in Latin America Push

Revolut has applied for a full banking license in Peru as it steps up its expansion across Latin America, according to a report by Bloomberg.

Key Takeaways:

• Revolut is applying for a banking license in Peru to expand its regulated footprint in Latin America.
• The company is targeting remittances in a highly concentrated banking market dominated by incumbents.
• Growing crypto and stablecoin adoption is reinforcing Revolut’s regional strategy.

If approved, the move would allow the London-based digital bank to operate as a fully regulated lender in the country, adding Peru to a growing regional footprint that already includes Mexico, Colombia, Argentina and Brazil.

The company said the license would enable it to roll out localized banking products and compete directly with Peru’s incumbent banks rather than newer fintech challengers.

Revolut Targets Peru’s Concentrated Banking Market With Remittance Push

Peru’s financial system is highly concentrated, with the four largest banks accounting for roughly 82% of total loans, based on data from the national banking regulator SBS.

Revolut Peru CEO Julien Labrot said the company sees an opportunity to increase competition and improve access to financial services, particularly for underserved users.

Remittances are expected to play a central role in the strategy, with Labrot noting that around one million people in Peru rely on money sent from abroad.

According to the World Bank, personal remittances to Peru reached $4.93 billion in 2024.

The license application comes as Revolut continues to scale its broader platform, including its crypto and digital asset services.

Founded in 2015, the neobank reported a record year in April 2025, with 2024 net profit rising 130% to 790 million pounds ($1.06 billion), driven by customer growth and a rebound in cryptocurrency trading.

In October 2025, Revolut introduced 1:1 U.S. dollar conversions for stablecoins, allowing users to exchange dollars directly into USDC and USDT.

Revolut’s push reflects a wider trend among fintech firms in Latin America moving deeper into crypto and stablecoin-based services.

Mercado Libre launched a dollar-pegged stablecoin in Brazil in 2024, while Nubank is developing stablecoin payments linked to its credit products.

A report from Chainalysis shows the region generated nearly $1.5 trillion in crypto transaction volume between July 2022 and June 2025, showing why global players like Revolut are accelerating their Latin America ambitions.

Stablecoin Payments on Revolut Surge as Everyday Use Gains Momentum

As reported, stablecoin usage on Revolut accelerated sharply in 2025, with payment volumes estimated to have jumped 156% year over year to about $10.5 billion.

While Revolut has not published official figures, onchain data suggests stablecoins nearly doubled their share of total payments on the platform compared with 2024, pointing to growing adoption beyond trading and transfers.

Blockchain data compiled via Dune Analytics shows that growth was steady throughout the year rather than driven by short-term spikes.

Much of the activity came from routine transactions, with transfers between $100 and $500 accounting for roughly 30% to 40% of stablecoin payments, indicating that users are increasingly relying on digital dollars for everyday spending.

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