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.

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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.