Revolut targets remittances with new banking license in Peru: Report
The London-based financial technology company is pushing deeper into Latin America as regional competition among digital banks heats up.
Revolut, a London-based digital banking and payments company, has applied for a full banking license in Peru as part of its expansion across Latin America, Bloomberg reported on Monday.
If approved, the license will allow the company to operate as a regulated bank in the country, adding Peru to a list of regional markets alongside Mexico, Colombia and Brazil. Bloomberg said Revolut plans to compete primarily with incumbent banks rather than newer fintech rivals.
Revolut has identified remittances and cross-border payments as key parts of its local strategy, noting that about 1 million people in Peru rely on money sent from abroad.