Revolut is seeking a full banking license in Peru as part of its strategy to expand in Latin America. If granted, this license would enable the company to operate as a regulated bank, joining Mexico, Colombia, and Brazil in its regional footprint. The focus will be on competing with established banks rather than newer fintech firms. A significant part of Revolut's strategy involves targeting remittances and cross-border payments, a crucial market since around 1 million Peruvians depend on money sent from abroad. In 2024, personal remittances to Peru amounted to $4.93 billion, highlighting the potential for growth in this sector. Julien Labrot, Revolut's CEO in Peru, emphasized that the expansion aims to boost competition and enhance access to financial services. The company has seen significant growth recently, reporting a 130% increase in net profit to £790 million ($1.06 billion) for 2024, driven by strong customer acquisition and a resurgence in cryptocurrency trading. Revolut's move aligns with a broader trend in Latin America, where fintech companies are increasingly focusing on stablecoin and crypto services. Mercado Libre has introduced a US dollar-pegged stablecoin in Brazil, while Nubank is developing stablecoin payment options linked to its credit cards. Additionally, Lemon, a crypto wallet company, recently raised $20 million to expand its operations in the region, where it has already gained substantial traction with over 1 million wallets issued in Peru. The cryptocurrency transaction volume in Latin America reached nearly $1.5 trillion from July 2022 to June 2025, indicating a thriving market for digital financial services.