Revolut has announced plans to enter Peru.
The company has applied for a full banking license and appointed Julien Labrot as CEO of Revolut Peru to oversee local operations.
The move aims to support Peru’s growing digital economy, where smartphone penetration is near 100% but a significant portion of adults remain underbanked.
“Revolut’s entry into Peru is built on our belief that digital financial services should be empowering, accessible, and secure for everyone,”
said Carlos Urrutia, Head of Expansion at Revolut.
“By pursuing a full banking license we are not just entering a new market, we are committing to becoming a trusted and integral part of Peru’s financial ecosystem.”
Julien Labrot, a regional finance veteran, will lead the local strategy and build a team of local staff.
A full license would allow Revolut to offer a range of localised products and services to consumers.
The company plans to increase hiring in Peru and leverage a remote-first approach to access talent across the region.
Revolut’s expansion into Peru is part of its wider goal to serve 100 million customers in 100 countries.
In 2024, the Group reported US$4 billion in revenue, US$1 billion in profit, and US$33 billion in total assets, with a valuation of US$75 billion.
Peru is the fifth Latin American market announced, following Brazil, Mexico, Colombia and Argentina.
Featured image credit: Edited by Fintech News America, based on image by freepik
This article first appeared on Fintech News Switzerland
