Revolut expands Latin America strategy with Peru banking push
London-based fintech company Revolut, which provides digital banking and payment services, has applied for a full banking license in Peru as part of its expansion across Latin America.
The neobank is strengthening its presence in the region amid intensifying competition among digital banks. Revolut plans to obtain a license that would allow it to operate in Peru as a regulated bank, adding the country to its list of regional markets alongside Mexico, Colombia, and Brazil.
Revolut has identified money transfers and cross-border payments as key elements of its local strategy, noting that around one million people in Peru rely on funds sent from abroad. However, according to Bloomberg, Revolut intends to compete primarily with established banks rather than emerging fintech rivals.
In October 2025, Revolut introduced a 1:1 stablecoin-to-U.S.-dollar conversion feature, allowing users to exchange dollars for USDC. This move significantly increased stablecoin payment volumes on the platform.
Battle for the market with local players
Revolut’s growing focus on stablecoins reflects a broader trend among fintech companies adopting stablecoins and crypto services across Latin America.
In August 2024, Mercado Libre launched a U.S. dollar-pegged stablecoin in Brazil through its financial arm, Mercado Pago. The token, called Meli Dollar, is available for trading within the Mercado Pago app in Brazil, the company’s largest market.
Nubank, Latin America’s largest digital bank, is also developing U.S. dollar-pegged stablecoin payments linked to its credit cards.
In Argentina, crypto wallet and payments company Lemon raised $20 million in a Series B funding round in October to support its regional expansion. The company already operates in Peru, where it says it has issued more than one million wallets in less than a year.
Julien Labroue, Revolut’s CEO in Peru, said the company’s expansion in the country aims to boost competition and improve access to financial services in the local market.
According to World Bank data, remittances to Peru totaled $4.93 billion in 2024. Meanwhile, Chainalysis reports that cryptocurrency transaction volumes in Latin America reached nearly $1.5 trillion between July 2022 and June 2025.
As we wrote, Audi Revolut F1 enters Formula 1 with Nexo alliance
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