Revolut Advances Latin America Strategy with Peru Banking License Application

Revolut has taken a new step in its Latin American expansion by applying for a banking license in Peru, reinforcing its ambition to scale its digital banking footprint and reach 100 million customers globally by 2027.

Valued at US$75 billion, the British fintech is pursuing its fifth market entry in the region, following announced plans to operate in Brazil, Mexico, Colombia and Argentina, and signaling growing confidence in Latin America’s digital financial services ecosystem.

Why Peru is a strategic market for digital banking

This move reflects rising private sector interest in Latin American digital banking, driven by near-universal smartphone adoption and a still underbanked population. With a full banking license, Revolut would be able to gradually roll out a broader portfolio of localized financial products for Peruvian users.

“We bring our own impressive P2P network, which is the ability to move money between you and your family members in different parts of the world instantly and at zero cost,” said Diego Caicedo, CEO of Revolut in Colombia, in an interview with Entrepreneur.

Regulatory expectations beyond formal compliance

The process from license application to regulatory approval in Peru requires more than simply meeting baseline requirements. According to Guillermo Delgado, Global AI Leader at Nisum, the country’s regulator places strong emphasis on operational maturity.

“In our experience, the granting of a digital banking license does not depend solely on formal regulatory compliance,” Delgado explained. “In practice, the Peruvian regulator prioritizes operational maturity: effective governance, controls adapted to the local context, operational resilience, rigorous management of technology third parties, and a clear position on cybersecurity and business continuity.”

Delgado added that while Peru is not the most flexible market, predictability increases significantly when both the technology architecture and operating model are well designed from the outset.

Financial inclusion and market opportunity in Peru

Estimates indicate that 40% to 45% of Peru’s adult population remains unbanked, and even among those with access to banking services, product usage is often limited.

“The main barriers are not a lack of technology,” Delgado noted, “but income informality, the perceived cost of services, low financial literacy, and friction in onboarding processes. This makes financial inclusion an opportunity for structural growth.”

Potential impact on the local banking ecosystem

Revolut’s entry could drive a meaningful shift in Peru’s financial sector. Delgado anticipates that a banking license could accelerate significant changes within 12 to 24 months.

“Beyond potential pressure on prices and fees, the impact would be to raise the standard of digital experience, simplify access to accounts, payments, remittances and multi-currency products, and force traditional banks to modernize their core platforms, risk models and digital channels,” he said.

A signal of fintech maturity in Latin America

Revolut’s license application is more than a regulatory step. It reflects the increasing maturity of the Latin American fintech ecosystem and points to a competitive landscape where success will depend on operational strength, well-governed technological innovation and the ability to meaningfully expand financial inclusion.

As the process advances, attention will focus on how Revolut adapts and deploys its value proposition in a market already shaped by digital-native platforms such as Rappipay, Global66, Nequi, Ualá, Mercado Pago, Daviplata and Bold.