Revolut targets remittances with new banking license in Peru

Global fintech giant Revolut is cementing its entry into the Latin American market, reportedly securing a new banking license in Peru. This strategic move is primarily aimed at capturing a significant share of the vital cross-border remittance sector. Peru, characterized by substantial domestic migration and a large diaspora, represents a growing market where traditional money transfer operations (MTOs) often involve high fees and slow transfer times.

By leveraging the new license, Revolut will be able to offer localized current accounts, high-speed payment infrastructure, and, most importantly, highly competitive foreign exchange rates for international transfers. This capability directly positions the company to undercut existing players and provide a superior, transparent service to Peruvian consumers receiving or sending money abroad.

While remittances are the immediate focus, the license lays the groundwork for Revolut to eventually roll out a full suite of digital banking products, including consumer lending, investment options, and debit cards, accelerating financial technology adoption across the nation. The expansion into Peru signals Revolut’s broader ambition to become a dominant player in the competitive LatAm fintech landscape.

Source: Revolut targets remittances with new banking license in Peru: Report