Revolut has outlined plans to establish a presence in Peru as part of its general efforts to expand in Latin America.
The fintech company has submitted an application for a full banking licence, signalling an intention to operate as a regulated local bank rather than through partnerships or limited licences.
Peru would become the fifth market in the region that Revolut has publicly confirmed as an expansion target. The company stated that it is aiming to build a locally incorporated operation, subject to regulatory approval, rather than offering cross-border services from an existing hub.
Regulatory focus and local operations
As part of the market entry process, Revolut has designated representatives to oversee strategy and operations in Peru. According to the company, these officials will be responsible for establishing local teams, engaging with regulators, and adapting products to domestic requirements.
Revolut indicated that the decision to pursue a full banking licence reflects an emphasis on regulatory compliance and consumer safeguards from the outset. Company officials said the approach is intended to align the business with Peru’s evolving payments framework, including recent regulatory efforts to support digital payments and more open financial infrastructure.
The company linked its interest in Peru to high smartphone usage alongside persistent gaps in access to traditional banking services. Representatives from Revolut suggested that digital-only banking models could address parts of the underbanked population, although no launch timeline or product details have been disclosed.
Beyond regulatory matters, Revolut said it plans to hire locally, with recruitment expected to take place over the coming months. The firm noted that its remote-first working model may allow it to draw from a wider regional talent pool, rather than relying solely on Lima-based staff.
The Peruvian plans are a part of Revolut’s general international strategy. The company has previously stated an ambition to reach 100 million customers across 100 countries. In 2024, Revolut reported revenue of around USD 4 billion, profits of approximately USD 1 billion, and total assets of USD 33 billion, alongside a reported valuation of USD 75 billion.
