Revolut Seeks Full Peru Banking License to Deepen Latin America Push

Core Viewpoint - Revolut is applying for a banking license in Peru to establish a full digital bank, aiming to enhance its growth in Latin America and target underbanked users with multi-currency services [1][2]. Group 1: Licensing and Regulatory Process - The company has submitted an application to Peru's SBS for a banking license, which may take months for approval as regulators assess capital, risk, and governance [2]. - Once licensed, Revolut plans to offer banking products such as deposits and loans in Peruvian Soles and foreign currencies [2]. Group 2: Market Expansion Strategy - Peru is the latest addition to Revolut's Latin American expansion, following previous entries into Brazil, Mexico, Colombia, and Argentina [3]. - The company has not disclosed a specific launch date for its services in Peru, emphasizing that the licensing process could take several months [3]. Group 3: Target Market and Services - Revolut aims to attract nearly 1 million Peruvians who receive remittances from abroad, leveraging its expertise in multi-currency and international transfers to provide lower-cost, app-based solutions [3]. - The company intends to bundle services such as payments, foreign exchange, savings, and cryptocurrency to challenge existing banks and enhance user experience in Peru [6]. Group 4: Global Growth and Valuation - The application for a banking license in Peru is part of Revolut's broader strategy to reach approximately 100 million customers and scale revenues in the coming years [5]. - The fintech is currently valued at $75 billion and is focusing on high-growth markets while securing local regulatory approvals [5].