Crypto: Revolut Targets Remittances And New Banking License In Peru: Report

The London-based financial technology company is pushing deeper into Latin America as regional competition among digital banks heats up.

Revolut, a London-based digital banking and payments company, has applied for a full banking license in Peru as part of its expansion across Latin America, Bloomberg reported on Monday.

If approved, the license will allow the company to operate as a regulated bank in the country, adding Peru to a list of regional markets alongside Mexico, Colombia and Brazil. Bloomberg said Revolut plans to compete primarily with incumbent banks rather than newer fintech rivals.

Revolut has identified remittances and cross-border payments as key parts of its local strategy, noting that about 1 million people in Peru rely on money sent from abroad.

According to World Bank data, personal remittances to Peru totaled $4.93 billion in 2024. Julien Labrot, Revolut’s Peru CEO, said the expansion is aimed at increasing competition and improving access to financial services in the local market.

Revolut, a neobank founded in 2015, has recently expanded its crypto offerings alongside broader growth across its platform. In April 2025, the company reported a record year, with 2024 net profit increasing 130% to 790 million pounds ($1.06 billion) year-on-year, fueled by strong customer growth and a rebound in cryptocurrency trading activity.

In October 2025 Revolut introduced 1:1 USD conversion for stablecoins, allowing users to exchange dollars for USDC (USDC) and USDt (USDT).

Stablecoin payment volumes on Revolut’s platform were estimated to have climbed 156% year-on-year in 2025 to about $10.5 billion, according to an independent analysis by researcher Alex Obchakevich.

Related: Trust Wallet taps Revolut for crypto purchases in Europe

Revolut’s stablecoin push reflects a broader trend among fintech companies moving into stablecoins and crypto-based services across Latin America.

Source: CoinTelegraph