Revolut Takes Strategic Step Into Peruvian Market With Full Banking License Application

Revolut, the London-based digital banking and payments giant, has formally applied for a full banking license in Peru, marking the next phase of its robust expansion in Latin America. The company’s announcement on January 19, 2026 underscores its determination to establish a regulated, locally-rooted financial presence in one of the region’s most dynamic digital banking markets.

This licensing effort represents a major milestone in Revolut’s strategy to grow its global customer base from over 70 million users toward its long-term ambition of serving 100 million customers worldwide. If approved, the license will pave the way for Revolut to offer a full suite of banking products and services tailored to Peruvian consumers and businesses, expanding beyond the basic digital wallet and payments services it currently can provide under e-money frameworks.

Context: A Rapidly Growing Fintech’s Latin America Strategy

Revolut has been building momentum in Latin America over the last several years. The company already operates under various regulatory models in the region:

• Mexico – Holds a full banking license, enabling comprehensive local operations.
• Colombia – Approved to establish a bank with supervisory clearance.
• Argentina – Entered through acquisition of a licensed bank entity.
• Brazil – Functions under a specialised credit license.

With the Peru application, Revolut aims to replicate these localized regulatory footholds and extend its reach in a region that combines high smartphone adoption with a substantial underbanked population ripe for digital financial services.

Julien Labrot — a seasoned executive with regional expertise — has been appointed CEO of Revolut Peru, charged with building out the company’s operations, regulatory engagement, and growth strategy in the market.

Why Peru Matters to Revolut

Peru is a strategically significant market for several reasons:

1. High Digital Adoption

Peru boasts near-universal smartphone penetration, creating fertile ground for digital banking adoption. Yet a notable portion of the adult population remains underbanked or underserved by traditional financial institutions, presenting a clear opportunity for digital challengers like Revolut.

2. Financial Inclusion and Competition

Local banking markets in much of Latin America are highly concentrated, limiting competition and often leaving users with fewer choices and higher costs. Revolut’s entry aims to stimulate competition, offering users multi-currency digital accounts, cross-border services, innovative savings and investment features, and more intuitive mobile banking experiences.

3. Remittances and Cross-Border Flows

Remittances are a significant component of Peru’s financial ecosystem. With millions of citizens receiving money from family abroad, Revolut’s platform — which supports low-cost international transfers and multi-currency wallets — could be highly relevant if the banking license allows integrated remittance features.

A full banking license is expected to unlock these capabilities at a local, regulated level, distinguishing them from basic cross-border services offered from outside Peru.

What the Banking License Enables

A full banking license — versus an e-money or payment-only setup — would allow Revolut to:

• Offer insured deposit accounts protected under local regulations
• Issue local debit and, potentially, credit cards
• Provide lending products such as personal or small business loans
• Introduce tailored savings, investment and wealth features
• Integrate advanced digital banking services tailored to local consumer needs

Currently, without a full license, Revolut is limited in the depth of services it can offer directly in the local market. A completed licensing process would elevate it to the same regulatory footing as Peru’s domestic banks, enabling broader operational scope.

Regulatory and Market Dynamics

Revolut’s pursuit of a banking license reflects broader fintech trends in Latin America, where regulators are increasingly open to embracing digital financial innovators — provided they meet stringent compliance, anti-money-laundering, and consumer protection standards.

The Superintendencia de Banca, Seguros y AFP (SBS) — Peru’s banking regulator — will assess Revolut’s application against local prudential norms, governance expectations, and operational readiness. This rigorous review process typically spans 12–24 months and will involve ongoing dialogue between the company and the regulator before approval can be granted.

Revolut’s local strategy is to build long-term, fully regulated operations that can be embedded into Peru’s digital economy, rather than launching a limited or cross-border offering. The appointment of a local leadership team underscores this commitment.

Leadership and Local Execution

Appointing Julien Labrot as CEO of Revolut Peru highlights the company’s approach of combining global fintech infrastructure with local market expertise. Labrot’s remit encompasses regulatory engagement, product localisation, talent acquisition in Peru, and aligning Revolut’s global technology platform with local consumer expectations.

Revolut’s local leadership will also focus on recruiting a regional workforce, with plans to attract skilled professionals from across Peru and the broader region to support growth and operations.

Industry and Competitive Implications

Revolut’s entry into Peru has broader implications for both the local financial landscape and the regional digital banking ecosystem:

Market Disruption

Fintech firms entering with a fully-regulated banking model can challenge incumbents on fees, service quality, and user experience — especially in markets where legacy banks have dominated for decades. Revolut’s digital-first model, sophisticated app features, and integrated financial tools create competitive pressure for traditional players to innovate.

Financial Inclusion

Digital banks like Revolut can significantly expand financial inclusion by offering low-cost accounts, remittance solutions, multi-currency features, and intuitive mobile experiences — particularly appealing to younger, mobile-native consumers.

Regional Fintech Leadership

Latin America has emerged as a fintech hotspot with rapid adoption of digital payments, neobanks, and cross-border financial services. Revolut’s Peru expansion helps consolidate its presence in this high-growth locale, providing a base for further regional innovation and product rollout.

What’s Next

With the application now submitted, the focus turns to:

1. Regulatory Engagement: Continued dialogue with SBS to satisfy local banking requirements.
2. Product Localisation: Aligning Revolut’s global platform with Peru’s financial infrastructure and consumer preferences.
3. Operational Rollout: Building teams, systems and compliance frameworks for post-licensing launch.

If approved, Revolut could begin offering regulated banking products in late 2026 or early 2027, subject to completion of the licensing process and infrastructure readiness.

Conclusion: A Milestone in Latin America Digital Banking

Revolut’s application for a full banking license in Peru marks a pivotal step in its Latin American expansion strategy. By targeting a fully regulated model rather than a limited e-money or cross-border setup, the fintech is positioning itself as a long-term player aligned with local regulatory frameworks and consumer needs. This effort could significantly reshape Peru’s financial landscape, promoting competition, digital adoption, and financial inclusion — all while advancing Revolut’s global growth ambitions.

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