Revolut, a London-based digital banking and payments company, has applied for a full banking license in Peru as part of its expansion into Latin America, Bloomberg reported on Monday.
If the license is approved, the company will be able to operate as a regulated bank in the country, which will add Peru to the list of regional markets alongside Mexico, Colombia and Brazil. Bloomberg he said Revolut plans to compete primarily with incumbent banks rather than newer fintech rivals.
Revolut has identified remittances and cross-border payments as key elements of its local strategy, noting that approximately 1 million people in Peru rely on money sent from abroad.
According to the World Bank datapersonal remittances to Peru amounted to $4.93 billion in 2024. Julien Labrot, CEO of Revolut in Peru, said the expansion aims to enhance competition and improve access to financial services in the local market.
Revolut, neobank founded in 2015, has recently expanded its cryptocurrency offerings along with broader development across its platform. In April 2025, the company reported a record year, with 2024 net profit increasing 130% to £790 million ($1.06 million) year-on-year, driven by robust customer growth and a rebound in its cryptocurrency trading business.
In October 2025, Revolut introduced a 1:1 conversion of USD to stablecoins, allowing users to exchange USD for USDC (USDC) and USDt (USDT).
An independent analysis by researcher Alex Obczakiewicz shows that in 2025, Stablecoin payment volume on the Revolut platform increased by 156% year-on-year, to approximately $10.5 billion.
Related: Trust Wallet uses Revolut for cryptocurrency purchases in Europe
Latin American fintechs are delving into stablecoins
Revolut’s stablecoin popularity reflects a broader trend among fintech companies shifting to stablecoins and cryptocurrency-based services in Latin America.
In August 2024, Mercado Libre launched a US dollar-pegged stablecoin in Brazil through its financial services arm, Mercado Pago. The token, called Meli Dollar, is available for trading on the Mercado Pago app in Brazil, the company’s largest market.
Nubank, Latin America’s largest digital bank, is also developing stablecoin payments tied to credit card products.
In Argentina, cryptocurrency wallet and payments company Lemon raised $20 million in a Series B funding round in October to fund its expansion across the region. The company already operates in Peru, where it claims to have issued over 1 million wallets in less than a year.
According to A report published by Chainalytic, Latin America generated nearly $1.5 trillion in cryptocurrency transaction volume from July 2022 to June 2025.
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