Revolut flags Peru! Applying for a banking license to capture the Latin American market, aiming for a global 100 million users

UK fintech company Revolut announces that it has officially applied for a full banking license in Peru, marking an important step in expanding into the Latin American market. The company stated that this license will enable Revolut to launch more localized financial products locally, strengthening services for both existing and new account holders. This is also Revolut’s fifth country in Latin America, with the goal of increasing its global user base from the current 70 million to 100 million.

Revolut officially applies for a banking license in Peru to accelerate Latin American expansion

Revolut stated that it has now applied for a full banking license with Peruvian regulators. If approved smoothly, it will be able to offer comprehensive, localized products and services, giving Peruvian citizens more control over their finances. This application is also seen as a significant step for Revolut to accelerate its presence in Latin America.

According to data from the Peruvian banking regulator (SBS), the Peruvian financial system is highly concentrated, with the top four banks controlling about 82% of the country’s total loans. Revolut believes that this market structure provides an opportunity for foreign fintech companies to enter.

Revolut’s expansion sequence in Latin America is as follows:

• Currently licensed in Mexico.
• Approved to establish a bank in Colombia.
• Acquired a bank in Argentina through a merger.
• Operates in Brazil under a credit license.
• Peru becomes Revolut’s fifth country in Latin America.

Revolut’s main competitors are traditional banks in Peru

Revolut Peru CEO Julien Labrot said in an interview that the company’s main competitors in Peru will be traditional banks, not large fintech startups. He stated:

“This market is unlike others, where there are giants like Nubank or Mercado Pago. Our main competitors will be existing banks.”

Labrot previously worked at Banco Ripley in Chile. He believes that Revolut can enhance competition in the Peruvian financial market and improve the financial experience for both existing and new account holders.

(Note: Nubank is Latin America’s largest digital bank, originating from Brazil, offering fully online financial services, with over 90 million users; Mercado Pago is a payment and financial platform under e-commerce giant Mercado Libre, leveraging its e-commerce and merchant ecosystem to become one of Latin America’s most influential mobile payment and financial service providers. )

Focusing on remittances and multi-currency services, targeting overseas remittance users

Revolut believes that remittances and multi-currency accounts will be its main advantages in Peru. Labrot pointed out that approximately one million people in Peru rely on overseas remittances for their livelihood. Revolut hopes to attract this group of users who require international financial services through cross-border transfers and multi-currency features.

This expansion into Peru is just part of Revolut’s global plan. The company currently has about 70 million users and aims to reach 100 million. At the same time, it hopes to increase its annual revenue to the level of 100 billion USD. Latin America is regarded as one of the key markets in this growth target.

This article, Revolut flags Peru! Applies for a banking license to seize Latin American market, aiming for 100 million users worldwide, first appeared on Chain News ABMedia.