London-based digital banking and payments company Revolut has applied for a full banking license in Peru as part of its expansion across Latin America, Bloomberg reported on Monday.
If the license is approved, the company will be able to operate as a regulated bank in the country, adding Peru to the list of regional markets alongside Mexico, Colombia and Brazil. Bloomberg said Revolut plans to compete primarily with established banks, rather than rivals with emerging fintechs.
Revolut identifies remittances and cross-border payments as an important part of its local strategy, noting that around 1 million people in Peru depend on remittances from abroad.
Personal remittances to Peru totaled $4.93 billion in 2024, according to World Bank data. Revolut Peru CEO Julien Labrot said the expansion is aimed at increasing competition and improving access to financial services in the local market.
Personal money transfer to Peru. sauce: world bank
Revolut, a neobank founded in 2015, recently expanded its cryptocurrency offering following widespread growth across its platform. In April 2025, the company reported a record year, with net profit in 2024 increasing 130% year-on-year to £790 million ($1.06 million), driven by strong customer growth and a recovery in crypto trading activity.
In October 2025, Revolut introduced 1:1 USD conversion for stablecoins, allowing users to exchange dollars for stablecoins. USDC (USDC) and USDt (USDT).
An independent analysis by researcher Alex Ovchakevich estimates that stablecoin payments on Revolut’s platform will reach around $10.5 billion in 2025, an increase of 156% year-on-year.
Related: Trust Wallet uses Revolut to buy crypto in Europe
Latin American fintechs push stablecoins deeper
Revolut’s stablecoin push reflects a broader trend among fintech companies moving towards stablecoins and crypto-based services across Latin America.
In August 2024, Mercado Libre launched a USD-pegged stablecoin in Brazil through its financial services arm, Mercado Pago. The token, called Meridarr, can be traded within the company’s largest marketplace, Brazil’s Mercado Pago app.
Nubank, Latin America’s largest digital bank, is also developing dollar-pegged stablecoin payments tied to credit card products.
In Argentina, cryptocurrency wallet and payments company Lemon raised $20 million in a Series B funding round in October to fund expansion across the region. The company already has operations in Peru, where it says it has issued more than 1 million wallets within a year.
According to a report published by Chainalysis, approximately $1.5 trillion in virtual currency trading volume occurred in Latin America from July 2022 to June 2025.
Cryptocurrency Adoption in Latin America 2025 Report. sauce: chain analysis
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