Revolut is accelerating its Latin American expansion after applying for a full banking license in Peru, a move aimed at capturing demand for remittances and cross-border financial services. If approved, the license would allow the London-based fintech to operate as a regulated bank, strengthening its presence in a region where digital banking competition is intensifying.
Peru Remittance Market Drives Strategy
Peru has emerged as a key market due to its heavy reliance on overseas income. Around 1 million people in Peru depend on money sent from abroad, making remittances a central focus of Revolut’s local strategy. According to World Bank figures, personal remittances to Peru reached $4.93 billion in 2024, highlighting the scale of the opportunity.
Revolut plans to compete mainly with traditional banks, positioning itself as a lower-cost, tech-driven alternative rather than targeting smaller fintech rivals.
The company’s expansion aligns with its broader push into crypto and stablecoin services. In 2025, Revolut introduced 1:1 USD conversions for stablecoins, supporting USDC and USDt. Stablecoin payment volumes on its platform reportedly climbed 156% year over year to $10.5 billion.
Revolut’s move reflects a wider regional trend, as Latin America recorded nearly $1.5 trillion in crypto transaction volume between mid-2022 and mid-2025. With regulatory momentum and growing demand for digital payments, Peru could become a strategic hub for Revolut’s long-term regional ambitions.
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