Revolut, a digital banking and payment provider based in London, is seeking a full banking license in Peru as it aims for broader outreach across Latin America, according to a report from Bloomberg.
If granted, this license will enable Revolut to function as a regulated bank in Peru, positioning itself alongside established markets like Mexico, Colombia, and Brazil. The report mentions that the primary competitors will be traditional banks rather than newer fintech companies.
The company is particularly focused on remittances and cross-border payments, essential aspects of its strategy in Peru, where roughly 1 million residents depend on foreign remittances for their financial needs.
World Bank data indicates that personal remittances sent to Peru reached $4.93 billion in 2024. Julien Labrot, the CEO for Revolut in Peru, emphasized the aim to foster competition and enhance access to financial services within the market.
Revolut was established in 2015 and has recently broadened its crypto offerings, experiencing a remarkable year in 2024 with net profits soaring by 130% to £790 million (around $1.06 billion), propelled by significant customer growth and a resurgence in cryptocurrency trading.
In October 2025, the company introduced a 1:1 USD conversion for stablecoins, allowing customers to exchange US dollars for USDC and USDt on its platform.
Estimates suggest that stablecoin transaction volumes on Revolut increased by 156% year-over-year in 2025, totaling approximately $10.5 billion, according to an independent analysis.
Wider Trend in Latin America
Revolut’s push into stablecoins is part of a broader trend within Latin American fintech, with companies actively seeking to provide stablecoin and crypto-related services. Notably, Mercado Libre launched a US dollar-pegged stablecoin in Brazil via its financial services branch, Mercado Pago, and Nubank is working on integrating stablecoin payments with its credit card services.
In Argentina, Lemon, a crypto wallet provider, recently raised $20 million for expansion, having already issued over a million wallets in Peru within less than a year.
According to Chainalysis, Latin America generated nearly $1.5 trillion in cryptocurrency transactions between July 2022 and June 2025.
