Revolut Expands Latin America Push with Peru Banking License Application

Revolut has applied for a full banking license in Peru, making it the fifth Latin American market in the company's aggressive regional expansion. The UK-based challenger ($75B valuation, Europe's most valuable private tech firm) serves 70M+ retail customers globally and has set a target of 100M customers across 100 countries by mid-2027.

Revolut's Latin America footprint:

• Mexico: launched January 2026 with full banking license (290K registrations, $218M in deposits by end of Q1)
• Brazil: operational
• Colombia: operational
• Argentina: entered via acquisition of Banco Cetelem from BNP Paribas (June 2025)
• Peru: banking license application in progress

Peru strategy: Julien Labrot, former BBVA Chile and Banco Ripley executive, appointed CEO of Revolut Peru in July 2025. The company plans to "progressively roll out a comprehensive range of localised products and services" and is intensifying hiring in Peru. Obtaining a full license would enable Revolut to pursue digitalisation, competition, and financial inclusion goals.

Broader expansion signals: Industry reports earlier in May 2026 indicated Revolut is in talks to acquire FUPS, a Turkish neobank, though no deal is confirmed.

Strategy implication: Revolut is executing a two-pronged emerging-markets strategy — applying for direct banking licenses (Mexico, Peru) and acquiring local lenders (Argentina via Banco Cetelem). For US fintechs, Revolut's LatAm speed (5 markets in ~2 years) raises the competitive bar and validates the region's attractiveness. Peru is a smaller market than Brazil or Mexico but represents a "stitching together" approach to building regional scale.