Revolut applies for a banking license in Peru
The British fintech company Revolut has applied for a banking license in Peru, a country of approximately 34 million people, where around 45% of adults do not have a traditional bank account. This move is significant as it opens new opportunities for the growth of digital financial services in the region.
Peru boasts a high level of digital adoption: nearly everyone owns a smartphone, and mobile internet is widely available both in urban areas and beyond. This facilitates the widespread use of mobile wallets, phone number-based transfers, and QR-code payments, meeting the fundamental needs for money transfers, person-to-person payments, and everyday transactions.
The digital financial services market in Peru is considered one of the fastest-growing in Latin America, attracting an increasing number of fintech companies seeing strong growth potential.
Revolut is a British fintech firm founded in 2015 that offers a broad range of digital banking services, including currency exchange, contactless payments, investments, and other financial tools via its mobile app.
Applying for a banking license in Peru marks another step in Revolut’s international expansion and strengthening its presence in the South American market.
Alona Shevtsova, says that Revolut's entry into the Peruvian market is a logical step in the global strategy of fintech companies seeking growth beyond the saturated markets of Europe and the US. The high level of digitalization in the absence of full banking coverage creates a unique window of opportunity: digital banks can scale immediately without heavy infrastructure. For Revolut, this is not only about expanding its geography, but also about consolidating its position in a region where financial inclusion could be a key driver of long-term growth.
The demand for digital financial services in Peru is rising, and the country’s strong potential for new banking technologies makes Revolut’s move strategically important.
