Revolut, a global fintech company, announced on Monday that it had applied for a full banking license in Peru, marking the company’s fifth expansion into Latin America.
Under its strategy to reach 100 million customers by 2027, the $75 billion company, which is regarded as the most valuable financial technology company in Europe, has been rapidly expanding into global high-growth markets.
As near-universal smartphone adoption and a population that is still unbanked create opportunities for digital fintech firms, Revolut’s Peru foray reflects growing private sector interest in Latin America’s digital banking sector. Revolut would be able to gradually introduce a wider range of localized products with a full license.
In an effort to gain market share in the rapidly digitizing economies of the region, the London-based company, which has more than 70 million retail customers worldwide, has already announced expansion plans in Brazil, Mexico, Colombia, and Argentina.
