The U.K. FinTech announced Monday (Jan. 19) that it has applied for a full banking license in the South American country and named Julien Labrot—a veteran of the banking industry in Chile—as CEO of Revolut Peru to oversee local operations.
“This move underscores Revolut’s commitment to building a long-term, fully regulated, and locally-rooted business in Peru, tailored to the country’s rapidly digitising economy and evolving financial needs,” the announcement said. “With smartphone penetration in Peru approaching 100%, yet a significant portion of the adult population remaining underbanked, Revolut’s entrance in the Peruvian market will accelerate the country’s digitalization, competition and financial inclusion goals.”
This marks the fifth Latin American country where Revolut has set up shop. The country has a credit license in Brazil and a banking license in Mexico. It also acquired another bank in Argentina, and received permission to establish a bank in Colombia.
Speaking with Bloomberg News about the expansion, Labrot said the company would chiefly be competing with incumbent banking players in Peru, rather than digital rivals like Nubank.
“I see ourselves as a way to increase competition and improve the experience of the banked and unbanked population in Peru,” he said, adding that the company also sees remittances and multi-currency offerings giving it an edge in Peru.
Advertisement: Scroll to Continue
In related news, PYMNTS wrote recently that despite regional volatility, “Latin America’s FinTech ecosystem remains defined by steady financial innovation, backed by renewed funding flows into the region, especially via venture capital.”
Things like digital wallets, account-to-account transfers and real-time payment systems are replacing cash, modernizing commerce and offering greater access to formal financial services, according to the PYMNTS Intelligence report “Digital Developments: Charting Digital Payment Growth in Latin America.”
This shift, PYMNTS added, is structural and not cyclical. The report noted expert predictions that by 2030, digital payments will make up for roughly two-thirds of eCommerce transaction value and nearly half of point-of-sale value in the region, indicating sustained changes in consumer behavior instead of short-term substitution.
“The overall trend toward digitization in the region is up and to the right, if it were to be laid out on a graph,” PYMNTS wrote, adding that the research showed strong and persistent tailwinds driving digital commerce.
“Headed into 2025, digital payments accounted for 48% of eCommerce transaction value and 30% of in-store value across Latin America, while cash’s share of in-store transactions had fallen to 25% and continues to decline.”
