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Revolut has applied for a full banking license in
Peru, stepping up its push into Latin America as global fintech firms race to
capture underbanked, mobile-first customers in the region. The move would make Peru the company’s fifth market in
Latin America.

The UK-based fintech confirmed on Monday that it has filed for a full
banking license in Peru, a step that would allow it to operate as a regulated
bank and roll out a broader suite of products in the local market.

Revolut Seeks Full Banking Status in Peru

Revolut aims to convert its fast-growing global user
base into deeper banking relationships in high-growth economies, with Latin
America sitting at the centre of that plan. A full license in Peru would enable the firm to offer
locally tailored services rather than rely on a narrow, cross-border or e-money
model.

Related: Revolut Wants to Enter Turkey by Acquiring a Local Bank

Revolut plans to leverage its multi-function app model
to cross-sell services once it secures a foothold, adding features as it
navigates local regulatory requirements.

The Peru application follows earlier expansion plans
in the region. The company already holds a banking license in Mexico, has approval to establish a bank in Colombia, and has acquired one in Argentina. It also operates in Brazil under a credit license. The firm targets markets with high smartphone
penetration and a growing digital payments.

Latin America Expansion Gathers Pace

Latin America’s combination of near-universal
smartphone usage and a still-underbanked population creates fertile ground for
digital banks.

Revolut’s Latin American push comes as the company
accelerates its global expansion beyond Europe. The firm, valued at around 75
billion dollars, has recently secured a crypto license in Cyprus, strengthening
its ability to offer digital asset services under European oversight.

As of early this year, Revolut had established itself as a leading banking force in Spain, surpassing established rivals like ING and
Banco Sabadell with a 13% market penetration and over six million customers.

Spain has reportedly become Revolut’s third-largest
market worldwide, following the UK and France. Data from Inmark Group showed that Revolut is now the
fourth-largest bank in Spain by customer reach, ranking just behind CaixaBank,
BBVA, and Santander.

This article was written by Jared Kirui at www.financemagnates.com.

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