Overview
- Revolut confirmed on January 19 that it submitted a banking application to Peru’s SBS to operate as a regulated bank.
- If approved, the license would permit deposits, loans, and other products in Peruvian soles as well as foreign currencies.
- The move would make Peru the next market in its regional buildout after Brazil, Mexico, Colombia, and Argentina, potentially its fifth in Latin America.
- Regulators will review capital, risk, and governance, and the licensing process could take months, with no launch date specified.
- The bid supports Revolut’s goal to reach about 100 million customers by 2027 and targets remittance and multi-currency demand, with the company recently valued at roughly $75 billion.