Revolut continues to grow in Latin America by submitting an application to obtain a full banking license in Peru. The move coincides with an expansion into regulated financial services in the region. It strives to work within the domestic regulations and increase its presence among the users in Peru.
A Bloomberg report published on Monday illustrates the request made to obtain a license. Revolut will operate as a licensed bank once the authorities are satisfied with the application. The country will join Mexico, Colombia, and Brazil in its regional presence.
Executives believe that the company would desire to compete with the existing banks. They classify the services that they offer as remittances and cross-border transfers. Approximately 1 million Peruvians rely on foreign income.
Revolut Taps Peru’s Remittance Market
According to World Bank data, personal remittances to Peru had also reached $4.93 billion in 2024. According to the CEO of Revolut Peru, Julien Labrot, competition has the potential to reinforce financial access. He also remarks that innovative digital banking transfer tools can facilitate more effective transfers.
Revolut keeps expanding its general platform. The neobank was introduced in 2015 and diversified to various markets. Over the past two years, it has also increased the scope of its crypto services.
The company reported positive results in April 2025. Net profit in 2024 improved 130% to 790 million pounds. The growth of customers and the resurgence of cryptocurrency trading supported the gains.
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In October 2025, Revolut increased the capabilities of stablecoins. It launched a 1:1 USD conversion of USDt and USDC. Users were able to have direct conversion access within the app.
Latin American Fintechs Expand Stablecoin Services
Researcher Alex Obchakevich also assessed the effect of the change. He noted that the volumes of stablecoin payments grew by 156%. This amounted to approximately $10.5 billion in 2025.
Similar strategies were developed by other fintech companies operating in Latin America. In Brazil, in the year 2024, Mercado Libre launched a dollar-pegged token named Meli Dollar. The asset was launched under its Mercado Pago division.
Nubank also took further steps to stabilize payments. The fintech bank is developing dollar-linked services to integrate with its credit card solutions. The company aims to increase customer accessibility in other markets.
There is an increase in activity in the region. According to a Chainalysis report, Latin America produced close to $1.5 trillion in volume of crypto transactions. The timeframe was between July 2022 and June 2025.
Lemon, a crypto wallet company, also spread throughout the region. It acquired $20 million in October to finance its expansion. The company claims that it has over 1 million wallets in Peru.
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