Digital banking giant Revolut is finalizing preparations to enter the Peruvian market, according to exclusive information obtained by SEMANAeconómica. The UK-based neobank is reportedly in the final stages of completing legal requirements to apply for a banking license from Peru's Superintendency of Banking, Insurance, and Pension Funds (SBS).
The company has already taken significant steps toward establishing its presence in Peru by appointing Ronald Ayllón Urquizo as its Strategy & Operations Leader for the country. Ayllón, who brings experience from both fintech and financial sectors, will be "responsible for building a digital bank from 0 to 1," as stated in his LinkedIn profile.
Revolut's interest in the Peruvian market dates back to 2022 when the company began assessing market opportunities and challenges. After two years of studying Peru's financial landscape, the neobank has decided to move forward with its expansion plans.
Founded in the UK in 2015, Revolut currently operates in 38 countries and serves more than 50 million customers. The company reported revenues of US$2.2 billion through 2023 and reached a valuation of US$45 billion in 2024, establishing itself as one of the world's largest digital banks.
While the SBS has officially stated that it hasn't received a formal application, sources involved in discussions revealed that Revolut has informally expressed its interest to the regulator. The company appears to be seeking a full banking license in Peru, following its strategy in other Latin American countries. In Brazil, Revolut operates as a Direct Credit Society since 2023, while in Mexico it secured a banking license in 2024 and has applied for one in Colombia.
Javier Salinas, president of Peru's Fintech Association, believes the arrival of the British financial giant will significantly impact the country's financial market, stating that it "will generate more competition and encourage innovation." The entry of a global player like Revolut, with its distinctive offering compared to local banks, is expected to reshape Peru's financial services landscape.
This expansion aligns with Revolut's broader strategy to strengthen its presence in Latin America, as the company continues to expand its global footprint in the digital banking sector.