- Revolut has filed for a full banking license in Peru to broaden its footprint in Latin America and compete straight with established conventional banks.
- The enlargement focuses on the $4.93 billion remittance market, providing digital cross-border funds to the a million Peruvians who depend on worldwide cash transfers.
- If accredited, Peru would be a part of Brazil, Mexico, and Colombia in Revolut’s regional portfolio.
Revolut is making an attempt to grow to be a regulated financial institution in Peru, submitting for a full banking licence because it expands deeper into Latin America.
Revolut’s preliminary hook in Peru is cross-border cash, reads the press release. The corporate has highlighted remittances and worldwide funds, pointing to roughly 1 million individuals in Peru who rely upon cash despatched from overseas.
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Revolut’s entry into Peru is constructed on our perception that digital monetary providers needs to be empowering, accessible, and safe for everybody. By pursuing a full banking licence we aren’t simply coming into a brand new market – we’re committing to changing into a trusted and integral a part of Peru’s monetary ecosystem.
Revolut to Develop Regional Operations
World Financial institution knowledge exhibits private remittances to Peru totaled US$4.93 billion (AU$7.5 billion) in 2024. Revolut Peru chief govt Julien Labrot mentioned the aim is to extend competitors and enhance entry to monetary providers.
We’re right here to contribute to the digital transformation of monetary providers, working intently with regulators to supply a long-term, trusted world-class banking resolution for people and companies alike.
Julien Labrot, CEO of Revolut Peru. The licence issues as a result of it could let Revolut run regular financial institution providers beneath native guidelines, as a substitute of working solely as a funds or app-based product. If Peru approves the applying, the nation would be a part of Revolut’s regional lineup that features Mexico, Colombia and Brazil. Bloomberg mentioned Revolut’s important targets are established banks, not newer fintech opponents.
Chainalysis has estimated Latin America generated nearly US$1.5 trillion (AU$2.2 trillion) in cryptocurrency transaction quantity from July 2022 to June 2025.
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