Revolut Secures Banking License in Peru, Accelerates Expansion Across Latin America
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Summary
- Revolut has obtained a banking license in Peru, ramping up its expansion into the Latin American market.
- Revolut said it plans to use Peru as a hub to expand its business across Latin America.
- The market views the Peruvian banking license as a positive development for the broader rollout of virtual asset and stablecoin-based financial services.
London-based neobank Revolut has obtained a banking license in Peru, stepping up its push to expand across the Latin American market.
According to Bloomberg on the 19th (local time), Revolut has been granted regulated bank status by Peru’s financial authorities, enabling it to operate formally as a bank in the country. Building on this, the company plans to use Peru as a hub to expand its business across Latin America.
Revolut has also been steadily strengthening features related to virtual assets (cryptocurrencies) and stablecoins, in addition to its global payments and remittance services.
In October last year, it expanded its digital-asset services by launching a conversion feature between Tether (USDT), USD Coin (USDC), and the U.S. dollar.
Market participants say Revolut’s acquisition of a Peruvian banking license is likely to support its entry into Latin America’s financial market and may also bolster the wider adoption of virtual asset- and stablecoin-based financial services going forward.
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