UK challenger Revolut has applied for a full banking licence in Peru as the company continues its Latin American expansion strategy.
Peru is set to become the fifth Latin American market for Revolut, following its expansion into Mexico, Brazil, Colombia, and Argentina, where it acquired local lender Banco Cetelem from French banking group BNP Paribas in June 2025.
According to Revolut, obtaining a full licence in the country will enable it to “progressively roll out a comprehensive range of localised products and services”, aiming to accelerate Peru’s “digitalisation, competition, and financial inclusion goals”.
In July 2025, Julien Labrot, a former executive at BBVA Chile and Banco Ripley Chile, was appointed CEO of Revolut Peru to lead the bank’s local operations. Labrot’s initial priorities include assembling a local team, with Revolut confirming plans to intensify “hiring efforts across Peru over the coming months”.
Revolut’s push into South America is part of its wider global ambition to reach 100 million customers across 100 countries by mid-2027. Currently valued at $75 billion, the company is Europe’s most valuable private technology firm and serves over 70 million retail customers worldwide.
Away from South America, industry reports earlier this month revealed that Revolut is in talks to acquire FUPS, a Turkish neobank, as part of its plans to enter the Turkish market. However, sources close to the discussions noted that there is no certainty that a deal will be finalised.
