London-based digital banking and funds firm Revolut has utilized for a full banking license in Peru as a part of its growth throughout Latin America, Bloomberg reported on Monday.
If the license is accredited, the corporate will have the ability to function as a regulated financial institution within the nation, including Peru to the listing of regional markets alongside Mexico, Colombia and Brazil. Bloomberg stated Revolut plans to compete primarily with established banks, relatively than rivals with rising fintechs.
Revolut identifies remittances and cross-border funds as an necessary a part of its native technique, noting that round 1 million individuals in Peru rely on remittances from overseas.
Private remittances to Peru totaled $4.93 billion in 2024, in keeping with World Financial institution knowledge. Revolut Peru CEO Julien Labrot stated the growth is geared toward rising competitors and enhancing entry to monetary providers within the native market.
Private cash switch to Peru. sauce: world financial institution
Revolut, a neobank based in 2015, just lately expanded its cryptocurrency providing following widespread development throughout its platform. In April 2025, the corporate reported a report yr, with web revenue in 2024 rising 130% year-on-year to £790 million ($1.06 million), pushed by robust buyer development and a restoration in crypto buying and selling exercise.
In October 2025, Revolut launched 1:1 USD conversion for stablecoins, permitting customers to trade {dollars} for stablecoins. USDC (USDC) and USDt (USDT).
An unbiased evaluation by researcher Alex Ovchakevich estimates that stablecoin funds on Revolut’s platform will attain round $10.5 billion in 2025, a rise of 156% year-on-year.
Associated: Belief Pockets makes use of Revolut to purchase crypto in Europe
Latin American fintechs push stablecoins deeper
Revolut’s stablecoin push displays a broader pattern amongst fintech firms shifting in the direction of stablecoins and crypto-based providers throughout Latin America.
In August 2024, Mercado Libre launched a USD-pegged stablecoin in Brazil by its monetary providers arm, Mercado Pago. The token, known as Meridarr, might be traded throughout the firm’s largest market, Brazil’s Mercado Pago app.
Nubank, Latin America’s largest digital financial institution, can be growing dollar-pegged stablecoin funds tied to bank card merchandise.
In Argentina, cryptocurrency pockets and funds firm Lemon raised $20 million in a Collection B funding spherical in October to fund growth throughout the area. The corporate already has operations in Peru, the place it says it has issued greater than 1 million wallets inside a yr.
In response to a report revealed by Chainalysis, roughly $1.5 trillion in digital forex buying and selling quantity occurred in Latin America from July 2022 to June 2025.
Cryptocurrency Adoption in Latin America 2025 Report. sauce: chain evaluation
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