Overview
- The company confirmed it submitted its application to Peru’s Superintendencia de Banca, Seguros y AFP to become a regulated bank.
- If approved, Revolut expects to offer deposits, loans, savings, and multi-currency services in Peruvian soles and foreign currencies.
- Regulatory evaluation could take months as authorities assess capital strength, risk management, and governance.
- Revolut is targeting underbanked users and cross-border transfers, citing nearly 1 million Peruvians who receive remittances.
- The Peru bid builds on a Mexico banking license, approval to establish a bank in Colombia, an acquisition in Argentina, and Brazilian credit operations, supporting a push toward roughly 100 million customers.