Revolut applies for a banking license in Peru... targeting the Latin American remittance market

2026-01-20 01:47:25

Source: DigitalToday Original Title: Revolut Applies for a Banking License in Peru… Targeting Remittance Market Original Link: UK fintech company Revolut has applied for a banking license in Peru, expanding into the Latin American market.

Once licensed, it will be able to operate as a formal bank in Peru, following Mexico, Colombia, and Brazil. Revolut has made remittance and cross-border payments its core strategy, emphasizing that approximately 1 million Peruvians rely on overseas remittances.

In 2024, personal remittance volume in Peru is estimated at $4.93 billion.

In Latin America, Mercado Libre and Nubank are also expanding their stablecoin payment services. Mercado Libre launched the dollar-pegged stablecoin ‘Mercado Dólar’ in Brazil, and Nubank plans to integrate stablecoins into credit card payments. According to Chainalysis, the total cryptocurrency transaction volume in Latin America from July 2022 to June 2025 reached $1.5 trillion.

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