- Revolut has applied for a full banking license in Peru as part of its Latin America expansion.
- The firm plans to focus on remittances and cross-border payments, where roughly 1 million Peruvians depend on money from abroad.
- Personal remittances to Peru totaled about $4.93 billion in 2024, according to World Bank data.
- Revolut posted a strong 2024, with net profit rising 130% to £790 million (about $1.06 billion) and expanded its crypto and stablecoin services in 2025.
- Regional moves into stablecoins are growing, with initiatives from firms like Mercado Libre/Mercado Pago, Nubank, and Argentina’s Lemon, and high crypto activity in the region per the Chainalysis report.
Revolut applied for a full banking license in Peru this week as part of its push across Latin America, a move meant to let the company operate as a regulated bank and compete with incumbent lenders, according to a report reported. The firm has targeted remittances and cross-border payments, citing the large share of Peruvians receiving funds from abroad.
About 1 million people in Peru rely on money sent from other countries, and personal remittances to Peru reached roughly $4.93 billion in 2024, per World Bank data. Julien Labrot, Revolut’s Peru CEO, said the expansion aims to increase competition and improve access to financial services in the market.
Revolut, founded in 2015, has expanded crypto features and reported a record year in 2024 with net profit up 130% to £790 million (about $1.06 billion). The company introduced 1:1 USD conversion for stablecoins in October 2025 and saw estimated stablecoin payment volumes climb to about $10.5 billion in 2025, a 156% year-on-year increase per independent analysis.
The push into stablecoins mirrors broader regional trends. In August 2024, Mercado Libre launched a dollar-pegged token via Mercado Pago in Brazil. Nubank is developing dollar-pegged stablecoin payments for card products, and Argentina’s Lemon raised $20 million in October to expand in the region, already reporting over 1 million wallets in Peru. The broader market saw nearly $1.5 trillion in crypto transaction volume from July 2022 to June 2025, according to the Chainalysis report.
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