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- Revolut seeks a Peru banking license to expand regulated services in Latin America.
- Peru’s concentrated banking sector opens room for Revolut to boost competition and access.
- Stablecoin payments on Revolut surge 156% as users adopt digital dollars for routine transfers.
Revolut has filed for a full banking license in Peru as part of its ongoing expansion in Latin America. The move would allow the company to operate as a regulated lender if approved by local authorities. It represents a broader push to deepen its regional presence and extend core financial products to new markets.
According to Revolut, the license would enable the company to provide local banking services. It would also place the company in competition with the established financial institutions in Peru. The digital bank targets customers who want an alternative to the monopolized banking industry of the country.
Revolut Targets Peru’s Banking Gap and Remittance Needs
The SBS regulator data for Peru indicates that there are four banks that dominate approximately 82% of the total loans. Julien Labrot, the CEO of Revolut Peru, stated that such an environment is an opportunity to get more competitive. He stated that the firm believes it has more to do in terms of financial access to underserved customers.
One of the key elements of the plan is remittances. Peru has 1 million citizens who rely on foreign money. According to World Bank statistics, personal remittances amounted to $4.93 billion in 2024. Digital tools are expected to ease these transfers and cut down friction at Revolut.
The license request comes during a period of growth for the company. Revolut reported strong financial results in April 2025. The neobank said its 2024 net profit rose 130% to £790 million ($1.06 billion). Customer expansion and stronger crypto trading activity supported the increase.
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Revolut has also expanded its digital asset products. In October 2025, the company launched 1:1 U.S. dollar conversions for USDC and USDT. The feature allows users to move directly between dollars and stablecoins. It also removes spread-related costs in those transactions.
Latin America Sees Rapid Growth in Stablecoin Activity
Other fintech firms in Latin America are making similar moves. Mercado Libre introduced a dollar-pegged stablecoin in Brazil in 2024. Nubank is developing stablecoin payment tools linked to its lending services. Chainalysis reports that the region generated nearly $1.5 trillion in crypto transaction volume from July 2022 to June 2025.
Stablecoin payments on Revolut grew sharply in 2025. Estimates show volumes rose 156% year over year to about $10.5 billion. The firm has not released official figures, but on-chain data indicates that stablecoins increased their share of total payments compared with 2024.
Dune Analytics reports steady activity throughout the year. Most transactions fell between $100 and $500. These transfers accounted for roughly 30% to 40% of stablecoin payments on the platform. The pattern suggests wider use of digital dollars for routine financial activity.
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