Fintech giant Revolut has announced its strategic expansion into Peru, marking the fifth Latin American country for the company.
The move involves an application for a full banking licence, signalling a commitment to integrating deeply into Peru's financial ecosystem and supporting its burgeoning digital economy.
In a nutshell
Revolut has applied for a full banking licence in Peru.
Julien Labrot has been appointed CEO of Revolut Peru.
This expansion is part of Revolut's broader goal to reach 100 million customers globally.
Peru is the fifth Latin American market for Revolut, following Brazil, Mexico, Colombia, and Argentina.
Strategic Expansion into Peru
Revolut's decision to enter the Peruvian market is driven by the nation's significant digital adoption, with smartphone penetration nearing 100%, yet a substantial portion of the adult population remains underbanked. The company aims to leverage this opportunity to offer accessible, secure, and empowering digital financial services.
Carlos Urrutia, Head of Expansion at Revolut, stated, "By pursuing a full banking licence we are not just entering a new market – we are committing to becoming a trusted and integral part of Peru’s financial ecosystem." This approach underscores Revolut's intention to be more than just a digital service provider, but a foundational element of the country's financial infrastructure.
Local Leadership and Operations
To spearhead its Peruvian operations, Revolut has appointed Julien Labrot as the CEO of Revolut Peru. Labrot, a seasoned executive with experience in the regional finance sector, including roles at BBVA Chile and Banco Ripley Chile, will be responsible for establishing a local team and defining the company's strategy within the Peruvian market. Revolut plans to intensify hiring efforts across Peru in the coming months, adopting a remote-first approach to tap into a wider talent pool.
Labrot commented, "Our focus is on bringing the best of Revolut to the Peruvian market while building a secure and compliant platform that genuinely serves the needs of our future customers. We are here to contribute to the digital transformation of financial services, working closely with regulators to offer a long-term, trusted world-class banking solution for individuals and businesses alike."
Global Ambitions and Financial Performance
The expansion into Peru is a key component of Revolut's ambitious global strategy to serve 100 million customers across 100 countries. This move follows previous entries into Brazil, Mexico, Colombia, and Argentina. The company reported robust financial figures for 2024, with US$4 billion in revenue, US$1 billion in profit, and total assets amounting to US$33 billion, underpinning its valuation of US$75 billion.
Obtaining a full banking licence in Peru will enable Revolut to progressively roll out a comprehensive range of localised products and services, aiming to accelerate Peru's digital transformation, enhance competition, and promote financial inclusion. This strategic move positions Revolut to compete directly with traditional lenders and cater to the evolving needs of Peruvian consumers and businesses.
