Key notes
- The British neobank has applied to Peru’s SBS to provide deposits, loans and foreign exchange products.
- Regulatory review of capital requirements and governance protocols could extend over several months before authorization.
- Peru represents the fifth largest Latin American market after successful entries in Brazil, Mexico, Colombia and Argentina.
Revolut has applied for a Peruvian banking license to launch a fully digital bank and accelerate its growth in Latin America.
This positions the UK fintech to compete locally, targeting underbanked users and those who want multi-currency services, according to their press release.
Revolut targets Peru with a comprehensive banking offering
The company confirmed that it has applied for a banking license from Peru’s SBS, seeking to become a regulated bank. Approval can take months as regulators review capital, risks and governance before granting a charter.
Once approved, Revolut could offer deposits, loans and other banking products in Peruvian soles and foreign currencies, according to the company.
Peru is the next stop on its Latin America roadmap, following previous expansions in Brazil, Mexico, Colombia and Argentina. The company did not specify an exact date for launching its services in Peru, noting that the process of obtaining a license could take several months.
Remittances are essential as Revolut highlights its multi-currency expertise and international transfers. Nearly a million Peruvians receive remittances from abroad, a segment they hope to attract with lower-cost app-based transfers.
“Our goal is to bring the best of Revolut to Peru while creating a secure and compliant platform that truly serves future customers,” said Julien Labrot, CEO of Revolut Peru.
Global expansion fueled by recent $75 billion valuation
The licensing offering in Peru is part of Revolut’s global plan to reach around 100 million customers and increase revenue over the coming years. The $75 billion fintech is expanding into high-growth markets, creating payments, crypto and wealth management products as local regulatory approvals are obtained.
The company aims to challenge incumbents by bringing together payments, FX, savings and crypto, as in 30 European markets. Revolut says increased competition will deliver better prices and a modern user experience to Peruvians.
following
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article is intended to provide accurate and current information, but should not be considered financial or investment advice. Because market conditions can change quickly, we encourage you to verify the information for yourself and consult a professional before making any decisions based on this content.
José Rafael Peña Gholam is a cryptocurrency journalist and editor with 9 years of experience in the industry. He has written in leading media outlets like CriptoNoticias, BeInCrypto and CoinDesk. Specializing in Bitcoin, blockchain and Web3, he creates news, analysis and educational content for global audiences in Spanish and English.
José Rafael Peña Gholam on LinkedIn
