Lede
Revolut, the London-based digital banking and payments firm founded in 2015, has formally applied for a full banking license in Peru. This move is a central component of the company’s aggressive expansion strategy across Latin America. By obtaining this license, Revolut would be authorized to operate as a fully regulated bank within the country, allowing it to join a regional network that already includes operations in Mexico, Colombia, and Brazil. Unlike many fintech startups that focus on niche markets, Revolut has indicated that it plans to compete primarily with incumbent banks, seeking to capture market share from traditional financial institutions.
A primary driver for Revolut’s entry into Peru is the country’s massive remittance and cross-border payment sector. Internal strategy documents identify these areas as critical to local growth. The scale of this market is significant: approximately 1 million people in Peru rely on money sent from international sources. According to data from the World Bank, personal remittances to Peru reached a total of $4.93 billion in 2024. By offering regulated banking services, Revolut aims to provide a more competitive and accessible platform for these transactions, potentially disrupting the high fees and slow processing times often associated with traditional banking providers in the region. This expansion reflects a broader intent to increase competition and improve access to financial services in the local market.
Context
The application in Peru follows a period of record financial performance for Revolut. In 2024, the neobank reported that its net profit increased by 130% year-on-year, reaching 790 million pounds. This surge in profitability was driven by a combination of rapid customer acquisition and a notable rebound in cryptocurrency trading activity across its global platform. As the company matures, it has increasingly integrated sophisticated digital asset features alongside its core banking services to meet the evolving needs of its international user base.
In October 2025, Revolut further integrated crypto-financial services by introducing a 1:1 USD conversion feature for stablecoins, enabling users to exchange US dollars for USDC and USDT directly. This move aligns with a broader trend of digital assets being used for practical financial applications. Independent analysis conducted by researcher Alex Obchakevich estimated that stablecoin payment volumes on Revolut’s platform climbed by 156% year-on-year in 2025, reaching a total of approximately $10.5 billion. This growth underscores the increasing importance of stablecoins in the company’s business model as it seeks to bridge the gap between traditional fiat currencies and the digital economy. The firm’s expansion into Peru is thus supported by a strong financial foundation and a proven track record of scaling complex financial technologies in diverse global markets.
Impact
Revolut’s expansion into the Peruvian banking sector places it in direct competition with other major fintech entities that are also deepening their roots in Latin America. The regional landscape is currently undergoing a shift toward stablecoin integration. In August 2024, Mercado Libre launched the Meli Dollar, a US dollar-pegged stablecoin, in Brazil via its financial services arm, Mercado Pago. This token is specifically designed for trading within the Mercado Pago app in the company’s largest market. Similarly, Nubank, which currently holds the title of Latin America’s largest digital bank, is developing stablecoin payment solutions tied to its credit card products, further normalizing the use of dollar-pegged digital assets for everyday transactions.
The broader regional market demonstrates a high appetite for digital financial solutions and cryptocurrency adoption. Between July 2022 and June 2025, Latin America generated nearly $1.5 trillion in cryptocurrency transaction volume, according to reports from Chainalysis. This environment has attracted significant venture capital, such as the $20 million Series B funding round raised by the crypto wallet company Lemon in October. Lemon, which already operates in Peru, has issued more than 1 million wallets in that market in less than a year. Revolut’s entry as a regulated bank adds a high-tier competitor to this mix, likely accelerating the pace of innovation and forcing both incumbent banks and existing fintech firms to enhance their service offerings to maintain market share.
Outlook
The future of Revolut’s operations in Peru hinges on the approval of its banking license and its ability to execute its strategy against established traditional banks. By choosing to compete with incumbents rather than smaller fintech startups, Revolut is positioning itself as a comprehensive financial alternative for the Peruvian population. The company’s focus on the $4.93 billion remittance market suggests that it views cross-border payments as a critical entry point for establishing long-term customer loyalty. If successful, the company’s presence could lead to increased competition and improved financial access, particularly for the 1 million residents who depend on international money transfers.
Furthermore, the integration of stablecoin features and the platform’s rising stablecoin volume—which reached $10.5 billion in 2025—indicate that Revolut may eventually bring its advanced crypto-financial tools to the Peruvian market. As regional competitors like Nubank and Mercado Libre continue to advance their own stablecoin projects, the regulatory environment in Peru will be a key factor in determining how quickly these technologies can be deployed at scale. Revolut’s proven ability to grow its net profits by 130% in a single year suggests it has the resources necessary to sustain a long-term presence in Latin America, potentially making it a dominant force in the regional convergence of traditional banking and digital assets.
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