Revolut, the London-based neobank valued at $45 billion, has formally applied for a full banking license in Peru, marking the company's fifth market entry in Latin America. The announcement, made on January 19, 2026, positions Peru as a strategic priority in Revolut's ambitious plan to serve 100 million customers and enter more than 30 new markets by 2030.
The expansion comes with significant leadership commitment: Julien Labrot, a former McKinsey consultant and Columbia MBA graduate, has been appointed CEO of Revolut Peru, signaling the company's intention to build substantial local operations rather than simply launching a lightweight app-based service.
Julien Labrot Appointed CEO of Revolut Peru
Labrot's appointment represents Revolut's approach to Latin American expansion: hiring experienced executives with consulting backgrounds to navigate complex regulatory environments and establish fully-licensed banking operations.
His LinkedIn announcement was succinct but significant: "I have started in a new CEO position at Revolut Peru!" The timing—coinciding with the banking license application—suggests coordinated preparation for a substantial market entry.
Revolut has employed this strategy across its Latin American expansion, appointing country CEOs who combine international experience with local market understanding. The approach contrasts with lighter-touch strategies employed by some competitors who operate under less comprehensive regulatory frameworks.
Peru Joins Brazil, Mexico, Colombia, and Argentina
The Peru application follows Revolut's established presence in four other Latin American markets:
Brazil: Revolut's largest Latin American market, where the company has built significant user traction in a highly competitive digital banking landscape.
Mexico: A strategic market given its proximity to the United States and large remittance flows.
Colombia: Launched as part of Revolut's 2024 Latin American expansion wave.
Argentina: A challenging but important market characterized by currency instability and high demand for dollar-denominated financial services.
Peru represents the next logical expansion target: a stable, growing economy with increasing digital adoption and underserved banking needs.
Strategic Rationale: Financial Inclusion and Digital Transformation
David Tirado, Partner Commercial and Group Exco at Revolut, outlined three strategic priorities for the Peruvian market in his LinkedIn announcement:
1. Drive Financial Inclusion
Peru maintains significant banking exclusion, particularly in rural areas and among lower-income populations. Revolut's digital-first approach could reach customers underserved by traditional banks:
- Mobile-based account opening without branch visits
- Low or zero account maintenance fees
- Accessible savings and payment tools
- Remittance services for Peruvian diaspora
2. Support Digital Transformation
Peru has been accelerating its shift toward digital financial services, driven by pandemic-era behavioral changes and regulatory modernization. Revolut's entry aligns with government initiatives to create a more open and competitive financial ecosystem.
The country's digital payment infrastructure has improved substantially, with increased QR code adoption, instant payment systems, and fintech-friendly regulations—creating favorable conditions for neobank operations.
3. Build Local Roots
Tirado emphasized Revolut's commitment to regulatory compliance: "We aren't just launching an app; we are building a fully regulated, locally-rooted bank that prioritises consumer protection and sustainable growth."
This statement addresses concerns that international neobanks might operate with minimal local commitment. By applying for a full banking license rather than an electronic money license or partnership arrangement, Revolut is signaling long-term investment in Peruvian infrastructure and employment.
The Path to 100 Million Customers
Revolut's Peru expansion is part of a broader growth strategy targeting 100 million customers globally by 2030. The company currently serves over 40 million customers across 38 markets, meaning it needs to more than double its user base within five years.
Latin America represents a critical growth region for several reasons:
Large Addressable Market: The region has over 650 million people, many underserved by traditional banking.
Mobile Penetration: High smartphone adoption creates infrastructure for digital banking without branch networks.
Remittance Flows: Large diaspora communities in Europe and North America generate substantial cross-border payment demand.
Currency Demand: Economic instability in some markets drives demand for multi-currency accounts and dollar access.
Competitive Landscape: While competition exists from local neobanks and established players like Nubank, significant market share remains available.
Regulatory Challenges and Timeline
Obtaining a full banking license in Peru involves substantial regulatory scrutiny. The Superintendencia de Banca, Seguros y AFP (SBS), Peru's banking regulator, will evaluate:
Capital Requirements: Revolut must demonstrate sufficient capital to operate a licensed bank.
Governance Standards: Board composition, risk management frameworks, and compliance systems.
Consumer Protection: Mechanisms to protect depositors and resolve customer complaints.
Local Presence: Physical offices, local employees, and operational infrastructure.
Technology Security: Cybersecurity protocols and data protection measures.
The approval process typically requires 12-24 months, though timelines vary. Revolut's experience obtaining licenses in other markets—including Brazil, a notoriously complex regulatory environment—should facilitate the process.
Tirado's statement that they are "working with local regulators" suggests active engagement rather than merely waiting for approval, potentially accelerating the timeline.
Peru's Neobank Landscape
Revolut enters a Peruvian market with growing but not saturated neobank competition:
Nubank: The Brazilian giant has expanded to Colombia and Mexico but has not yet entered Peru, potentially creating a first-mover advantage for Revolut among international challengers.
Local Digital Banks: Peruvian fintech companies including Yape (owned by BCP), Plin, and various digital wallet providers have established user bases but often lack full banking functionality.
Traditional Bank Digital Offerings: Established banks like BCP, Interbank, and BBVA Peru have launched digital banking apps but carry legacy cost structures.
Regional Players: Colombian and Chilean neobanks have explored Peruvian expansion but face regulatory and operational challenges.
Revolut's global brand recognition, multi-currency capabilities, and cryptocurrency integration could differentiate it in this competitive but fragmented landscape. The Peruvian neobank ecosystem continues to evolve rapidly, with both local startups and international players vying for market share in one of South America's most promising digital banking markets.
Product Suite for Peruvian Market
While specific product details await regulatory approval, Revolut's Peruvian offering will likely include:
Core Banking:
- Multi-currency accounts (Peruvian Sol, USD, EUR, GBP)
- Debit cards with international acceptance
- Free or low-cost domestic transfers
- Savings accounts with competitive interest rates
International Services:
- Remittance tools for Peruvian expatriates
- Foreign currency exchange at interbank rates
- International payment capabilities
Advanced Features:
- Cryptocurrency buying and selling (subject to local regulations)
- Stock trading (following Revolut's global platform expansion)
- Budgeting and financial analytics tools
- Subscription management
The extent of cryptocurrency and investment features will depend on Peruvian regulatory frameworks, which continue evolving.
Employment and Local Investment
As a fully regulated bank, Revolut Peru will require substantial local infrastructure:
Physical Offices: Regulatory and operational headquarters in Lima, potentially with regional presence.
Local Employees: Customer service, compliance, risk management, technology, and business development teams.
Technology Infrastructure: Local servers or cloud partnerships meeting data residency requirements.
Banking Relationships: Partnerships with local banks for settlement and correspondent services.
This investment contrasts with lightweight app-based models that minimize local operational footprint. Labrot's CEO appointment suggests Revolut is building a substantial Peruvian organization.
Competitive Positioning Against Nubank
Revolut's Peru entry may preempt Nubank, the region's dominant neobank with over 100 million customers across Brazil, Mexico, and Colombia. Nubank has discussed Peruvian expansion but has not yet applied for a license.
Revolut's differentiation strategies could include:
Global Network: While Nubank focuses on Latin America, Revolut's 38-market presence enables seamless international banking for travelers and expatriates.
Cryptocurrency Integration: Revolut offers in-app cryptocurrency trading; Nubank's crypto offerings are more limited.
Premium Tiers: Revolut's subscription model (Plus, Premium, Metal) offers travel insurance, airport lounge access, and cashback—appealing to affluent urban customers.
Multi-Currency Strength: Revolut's heritage as a travel and currency exchange app provides advantages for international transactions.
However, Nubank's Latin American focus, Portuguese/Spanish language expertise, and proven regional regulatory success create formidable competition.
Latin American Expansion Context
Revolut's Peru application follows a dramatic acceleration of its Latin American presence:
2024: Launched in Colombia and Argentina, expanded Brazilian operations.
2025: Applied for additional regulatory approvals, built country leadership teams.
2026: Peru banking license application, continued expansion planning.
This rapid expansion reflects CEO Nik Storonsky's ambition to challenge regional leaders like Nubank while building global scale. The strategy requires substantial capital investment but positions Revolut as a truly global neobank rather than a primarily European player.
The Latin American focus also addresses growth constraints in mature European markets, where customer acquisition costs have risen and regulatory scrutiny has intensified.
Timeline and Next Steps
Based on Tirado's announcement that Revolut is "working with local regulators," the likely timeline includes:
Q1 2026: Formal license application review begins, ongoing regulatory dialogue.
Q2-Q4 2026: SBS conducts detailed evaluation, requests additional information, assesses capital and governance structures.
2027: Potential license approval, followed by operational setup and soft launch.
2027-2028: Full market launch with comprehensive product suite.
Labrot's immediate appointment as CEO suggests Revolut is building organizational capacity in parallel with regulatory approval, enabling rapid market entry once licensed.
Implications for Global Neobank Competition
The Peru expansion reinforces several trends in global neobank competition:
Geographic Diversification: Leading neobanks are expanding beyond home markets to build global scale.
Regulatory Investment: Obtaining full banking licenses rather than operating under lighter frameworks has become standard for serious market entrants.
Local Leadership: Country CEOs with market-specific expertise facilitate regulatory relationships and business development.
Multi-Product Platforms: Neobanks increasingly offer comprehensive financial services rather than single products.
Peru's selection as Revolut's fifth Latin American market validates the country's economic trajectory and digital readiness. Success in Peru could accelerate expansion to Chile, Ecuador, and Central American markets.
Conclusion: Building a Regulated Latin American Powerhouse
Revolut's Peruvian banking license application and Julien Labrot's CEO appointment signal serious ambition in Latin America. By pursuing full regulatory authorization and appointing dedicated country leadership, Revolut is building a sustainable, compliant platform capable of challenging regional incumbents.
The Peru entry advances Revolut's path to 100 million customers while diversifying revenue across multiple currencies and regulatory environments. If successful, the Peruvian operation could generate substantial user growth while establishing Revolut as Latin America's leading international neobank.
For Peruvian consumers, Revolut's arrival promises increased competition, enhanced digital banking options, and improved access to international financial services—particularly valuable for the country's growing middle class and digitally-native younger generations.
As David Tirado concluded: "Stay tuned for more updates as we work with local regulators to bring a world-class banking experience to the market."
The race to define Latin American digital banking has intensified—and Peru has become the next battleground.
Key Takeaways:
- Revolut formally applied for full banking license in Peru on January 19, 2026
- Julien Labrot appointed CEO of Revolut Peru
- Peru becomes Revolut's fifth Latin American market after Brazil, Mexico, Colombia, and Argentina
- Application part of strategy to reach 100 million customers and enter 30+ markets by 2030
- Company emphasizes building fully regulated, locally-rooted bank rather than lightweight app
- License approval expected in 12-24 months, with operations potentially launching in 2027