Revolut seeks Peru banking license to target remittances
Revolut, the London-based digital banking and payments firm, has applied for a full banking license in Peru as part of its Latin American expansion, Bloomberg reported on Monday. If granted, the license would enable the company to operate as a regulated bank in the country, adding Peru to regional markets that include Mexico, Colombia and Brazil. Bloomberg also reported that Revolut intends to compete primarily with established banks rather than newer fintechs.
The company has identified remittances and cross-border transfers as priorities in Peru, where roughly 1 million people depend on funds sent from abroad. World Bank data shows personal remittances to Peru reached $4.93 billion in 2024. Julien Labrot, Revolut’s Peru CEO, said the move is designed to increase competition and broaden access to financial services in the local market.
Personal remittances to Peru. Source: World Bank
Revolut, founded in 2015, has recently expanded its crypto-related features alongside broader platform growth. In April 2025, the company reported a record year, with 2024 net profit rising 130% to 790 million pounds ($1.06 million) year-on-year, supported by strong customer gains 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 increased 156% year-on-year in 2025 to about $10.5 billion, according to an independent analysis by researcher Alex Obchakevich.
Latin American fintechs expand stablecoin offerings
Revolut’s stablecoin initiatives align with a broader shift among fintech firms in Latin America toward stablecoins and crypto-based services.
In August 2024, Mercado Libre launched a U.S. dollar–pegged stablecoin in Brazil via its financial services arm, Mercado Pago. The token, called Meli Dollar, is available for trading within the Mercado Pago app in Brazil, the company’s largest market.
Nubank, the region’s largest digital bank, is developing dollar-pegged stablecoin payments linked to its credit card products.
In Argentina, crypto wallet and payments firm Lemon raised $20 million in a Series B round in October to support regional expansion. The company already operates in Peru, where it reports issuing more than 1 million wallets in under a year.
According to a report published by Chainalysis, Latin America generated almost $1.5 trillion in cryptocurrency transaction volume from July 2022 to June 2025.
Latin America crypto adoption 2025 report. Source: Chainalysis
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