London-based digital banking giant Revolut has officially secured a full banking license from Peruvian regulators, marking a pivotal step in its strategic expansion across Latin America. The license, granted by the Peruvian Superintendency of Banking, Insurance, and Private Pension Funds (SBS), transforms Revolut's operational status in the country, allowing it to operate as a fully regulated bank.
This authorization enables Revolut to offer a complete suite of financial services directly to Peruvian consumers and businesses, including insured deposit accounts, local debit and credit cards, and lending services. A core component of Revolut's strategy is targeting the remittance and cross-border payments market, noting that approximately 1 million people in Peru rely on money sent from abroad, with personal remittances totaling $4.93 billion in 2024 according to World Bank data.
Cryptocurrency and stablecoin services are positioned as a central growth catalyst for Revolut's Latin American push. In October 2025, the company introduced a 1:1 USD conversion feature for stablecoins USDC and USDT. An independent analysis estimated that stablecoin payment volumes on Revolut's platform surged 156% year-on-year in 2025 to roughly $10.5 billion.
Julien Labrot, Revolut's Peru CEO, stated the expansion aims to increase competition and improve access to financial services. Analysts view the license as a strategic masterstroke, providing a compliant operational hub in Peru—a country with high smartphone penetration and a significant underbanked population—from which to scale into neighboring markets like Colombia, Chile, and Ecuador.
Revolut's move reflects a broader trend of fintechs deepening their involvement with stablecoins across Latin America. Notable examples include Mercado Libre launching the 'Meli Dollar' stablecoin in Brazil in August 2024, and Nubank developing dollar-pegged stablecoin payments. According to a Chainalysis report, Latin America generated nearly $1.5 trillion in cryptocurrency transaction volume from July 2022 to June 2025.
