Revolut applies for banking licence to enter Latin America

By Vriti Gothi

Revolut has announced plans to enter the Peruvian market, applying for a full banking licence as part of its broader expansion across Latin America. The move marks the global FinTech’s fifth planned market entry in the region, following Brazil, Mexico, Colombia and Argentina.

The UK-headquartered company has appointed Julien Labrot as CEO of Revolut Peru to lead local operations and market strategy. Labrot brings regional financial services experience and will be responsible for building a local team and executing Revolut’s long-term growth plans in the country.

By pursuing a full banking licence, Revolut is signalling its intention to establish a fully regulated, locally embedded presence rather than operating through limited partnerships or standalone products. The licence would allow the company to gradually roll out a range of localised banking and payments services for both consumers and businesses.

The expansion comes as Peru’s financial sector undergoes accelerated digitalisation. While smartphone penetration in the country is close to universal, a significant share of the adult population remains underbanked, creating opportunities for digital-first financial providers. Regulators have also been advancing reforms around digital payments and open financial ecosystems, lowering barriers for new entrants.

“By pursuing a full banking licence, we are not just entering a new market, we are committing to becoming a trusted and integral part of Peru’s financial ecosystem,” said Carlos Urrutia, Head of Expansion at Revolut.

Labrot said the focus would be on adapting Revolut’s global platform to local market needs while working closely with regulators. “We are here to contribute to the digital transformation of financial services, offering a secure and compliant platform that genuinely serves the needs of our future customers,” he said.

Alongside the licence application, Revolut plans to expand hiring in Peru, leveraging its remote-first operating model to attract talent across the region.

The Peruvian entry aligns with Revolut’s wider ambition to reach 100 million customers in 100 countries. In 2024, the group reported $4 billion in revenue, $1 billion in profit and $33 billion in total assets, supported by a valuation of $75 billion.