Revolut, a digital banking and payments company based in London, has submitted an application for a full banking license in Peru. This move is a key part of the company's broader expansion strategy across Latin America, as reported by Bloomberg.
Obtaining this license would enable Revolut to function as a regulated bank within Peru. This would add Peru to its growing list of regional markets, which already includes Mexico, Colombia, and Brazil. According to Bloomberg, Revolut's intention is to primarily challenge established banks in the Peruvian market, rather than focusing on newer fintech competitors.
Revolut has identified remittances and cross-border payments as critical components of its strategy for the Peruvian market. The company notes that approximately 1 million individuals in Peru depend on funds sent from abroad.
Data from the World Bank indicates that personal remittances to Peru reached a total of $4.93 billion in 2024. Julien Labrot, Revolut's CEO for Peru, stated that the expansion aims to foster increased competition and improve access to financial services within the local market.
Revolut, a neobank founded in 2015, has recently enhanced its cryptocurrency offerings in parallel with its overall platform growth. In April 2025, the company reported a record financial year, with its net profit for 2024 increasing by 130% year-on-year to 790 million pounds ($1.06 million). This growth was driven by strong customer acquisition and a recovery in cryptocurrency trading activity.
In October 2025, Revolut introduced a 1:1 USD conversion service for stablecoins, allowing users to exchange U.S. dollars for USDC and USDT.
An independent analysis conducted by researcher Alex Obchakevich estimated that stablecoin payment volumes on Revolut's platform saw a significant increase, climbing 156% year-on-year in 2025 to approximately $10.5 billion.
Latin American Fintechs Increasingly Embrace Stablecoins
Revolut's strategic move into stablecoins aligns with a broader trend observed among fintech companies operating in Latin America, which are increasingly adopting stablecoins and crypto-based services.
In August 2024, Mercado Libre, through its financial services arm Mercado Pago, launched a U.S. dollar-pegged stablecoin in Brazil. This token, named Meli Dollar, is available for trading within the Mercado Pago application in Brazil, which represents the company's largest market.
Nubank, recognized as Latin America's largest digital bank, is also in the process of developing stablecoin payment solutions pegged to the U.S. dollar, intended for integration with its credit card products.
In Argentina, the crypto wallet and payments company Lemon successfully raised $20 million in a Series B funding round in October. These funds are earmarked for its expansion initiatives across the region. The company already has a presence in Peru, where it reports having issued over 1 million wallets in less than a year.
According to a report published by Chainalysis, the Latin American region generated nearly $1.5 trillion in cryptocurrency transaction volume between July 2022 and June 2025.
