Revolut applies for a banking license in Peru

Source: Criptonoticias Original Title: Revolut applies for a banking license in Peru Original Link: https://www.criptonoticias.com/comunidad/adopcion/revolut-solicita-licencia-bancaria-peru-criptomonedas/

• If approved, Peru would be the fifth Latin American market for Revolut.
• With its native exchange, the company offers services with bitcoin and over 200 cryptocurrencies.

Neobank Revolut is applying for a full banking license in Peru, marking its intention to start operations in the South American country.

The announcement, made on January 19, 2026, is part of an ambitious expansion strategy in Latin America, making Peru the fifth market in the region where the company plans to establish itself, after Brazil, Mexico, Colombia, and Argentina.

To lead its entry into the Peruvian market, the firm appointed Julien Labrot, who is now the CEO of Revolut Peru.

In this territory, where smartphone penetration is close to 100%, a significant portion of the adult population still lacks full access to traditional banking services. This is a gap the company aims to close.

A full banking license in Peru, issued by the Superintendencia de Banca, Seguros y AFP (SBS), would grant Revolut the authorization to operate as a full-fledged bank within the country’s financial system.

If approved, the company would be authorized to launch a full range of localized financial products and services, including accounts, deposits, loans, and operations in soles and other currencies.

Revolut holds licenses granted (blue) and applied for (white) in Europe, Latin America, Asia-Pacific, and other markets. It includes strategic acquisitions to accelerate entry.

This move would position Revolut in direct competition with established banks in Peru, a market where the four largest players hold approximately 82% of total loans, according to data from SBS. Its entry could reshape the banking landscape, introducing new dynamics and options for consumers.

A relevant precedent in the Peruvian market is the Banco de Crédito del Perú’s (BCP) pilot program CriptoCocos, launched in 2025 with SBS authorization. This service allows a select group of clients — up to 3,000 users in its initial phase — to buy, hold, and manage bitcoin (BTC) and USDC (stablecoin) under a regulated and supervised framework.

As BCP’s is the first and only approved banking case of this kind to date, any similar service that Revolut might offer would directly compete with this initiative.

Other banks or full-licensed fintechs do not offer cryptocurrencies in a widespread manner. Companies without a banking license, such as exchanges, cannot promote themselves as banks or accept deposits for crypto without explicit authorization, although there is currently no regulation for the digital assets sector in the country.