Revolut has initiated the process to secure a full banking license in Peru, aiming to enhance its presence in the Latin American market. This move would enable the London-based digital banking firm to function as a regulated bank, joining other countries such as Mexico, Colombia, and Brazil. The company’s strategy focuses on remittances and cross-border payments, targeting the approximately 1 million people in Peru who depend on international money transfers, which amounted to $4.93 billion in 2024 according to World Bank statistics.
Julien Labrot, the CEO of Revolut Peru, emphasized that this expansion aims to boost competition and enhance access to financial services within the local market. In addition to entering Peru, Revolut has reported significant growth, with a 130% increase in net profit for 2024, totaling £790 million (around $1.06 million), driven by customer growth and increased cryptocurrency trading.
Additionally, the company has seen a remarkable rise in stablecoin transactions, with volumes reaching approximately $10.5 billion in 2025, reflecting a growing trend among fintech companies in Latin America towards stablecoins and crypto-related services.