Revolut, the global fintech with over 70 million retail customers worldwide, today announced its official plans to enter the Peruvian market, marking a significant milestone in its Latin American expansion strategy. The company has formally applied for a full banking licence in the country and has appointed Julien Labrot as CEO of Revolut Peru to lead local operations.

This move underscores Revolut’s commitment to building a long-term, fully regulated, and locally-rooted business in Peru, tailored to the country's rapidly digitising economy and evolving financial needs. With smartphone penetration in Peru approaching 100%, yet a significant portion of the adult population remaining underbanked, Revolut’s entrance in the Peruvian market will accelerate the country’s digitalization, competition and financial inclusion goals.

Aligning with the country’s digital momentum, Revolut’s expansion to Peru is also a testament to the significant regulatory developments and innovations in digital payments spearheaded by regulators - including the shift towards open payments ecosystem. The application for a banking licence reinforces the company's focus on consumer protection, regulatory alignment, and sustainable operations from day one.

"Revolut's entry into Peru is built on our belief that digital financial services should be empowering, accessible, and secure for everyone," said Carlos Urrutia, Head of Expansion at Revolut. "By pursuing a full banking licence we are not just entering a new market - we are committing to becoming a trusted and integral part of Peru's financial ecosystem."

The appointment of Julien Labrot, a seasoned financial veteran with extensive experience in the region, highlights Revolut's blended approach of leveraging its global technology and infrastructure with deep local market knowledge. Labrot will be responsible for defining and executing Revolut’s local strategy and building a team of local talent.

"Our focus is on bringing the best of Revolut to the Peruvian market while building a secure and compliant platform that genuinely serves the needs of our future customers," said Julien Labrot, CEO of Revolut Peru. "We are here to contribute to the digital transformation of financial services, working closely with regulators to offer a long-term, trusted world-class banking solution for individuals and businesses alike."

A full licence will enable Revolut to progressively roll out a comprehensive range of localised products and services, offering Peruvian consumers greater control over their finances with a seamless, intuitive experience.

Revolut will also ramp up hiring efforts across Peru over the coming months. With its remote-first approach, the company is uniquely positioned to attract top talent from across the region, fostering flexibility, inclusion, and access to a broader, highly skilled talent pool.

Revolut’s entry into Peru is part of its broader global ambition to serve 100 million customers in 100 countries. In 2024, the Group reported $4 billion in revenue, $1 billion in profit, and held $33 billion in total assets, backed by a valuation of $75 billion. Peru is the fifth market Revolut has announced expansion plans for Latin America, following announcements in Brazil, Mexico, Colombia and Argentina.