On 19 January 2026, Revolut announced that it has applied for a full banking licence in Peru. The company also confirmed the appointment of Julien Labrot as CEO of Revolut Peru. Together, these two steps mark the start of a serious, long-term entry into the Peruvian market.

This is not a soft launch or a marketing test. Applying for a full licence means Revolut is preparing to operate as a locally regulated bank, under the same rules as domestic institutions. It is a structural move that requires time, capital, and deep regulatory engagement.

For a company that started as a travel card in the UK, this is another sign of how far its ambitions now reach.

What a Full Banking Licence Really Means

A full banking licence allows a company to offer the same core services as traditional banks. That includes holding deposits, providing local accounts, and eventually offering credit and other regulated products.

This is very different from operating under an e-money framework or serving customers cross-border. It places Revolut inside the local financial system, with all the obligations that come with it. Capital requirements, consumer protection, risk controls, reporting duties. None of this is lightweight.

The application process itself can take months or longer. Regulators review governance, financial resilience, compliance structures, and long-term viability. Until approval is granted, Revolut cannot operate as a bank in Peru.

The message, however, is already clear. Revolut is not experimenting. It is committing.

Why Peru Fits Revolut’s Strategy

Peru sits within a broader Latin American expansion that also includes markets such as Brazil, Mexico, Colombia, and Argentina. The region combines growing digital adoption with large segments of the population that remain underserved by traditional banking.

In Peru, mobile usage is widespread, yet many people still rely on cash or limited financial products. That creates space for digital-first players that offer simple onboarding, transparent pricing, and modern app-based experiences.

For Revolut, the appeal is not only scale. It is also relevance. Features like multi-currency accounts, low-cost transfers, and financial management tools resonate in economies with cross-border ties, remittances, and price sensitivity.

At the same time, this is not a greenfield market. Local banks and regional fintechs are already active. Any new entrant has to earn trust, adapt to local habits, and compete on more than just branding.

Building Locally, Not Just Globally

The appointment of Julien Labrot as CEO of Revolut Peru reflects an important pattern. Global fintechs increasingly rely on strong local leadership when entering new markets.

Running a regulated financial institution is as much about relationships and context as it is about technology. Local CEOs navigate regulatory dialogue, shape hiring, and translate global products into something that fits domestic realities.

This approach reduces friction. It also signals seriousness to regulators and partners. A named leader with regional experience is easier to engage with than a distant headquarters.

Expansion at this level is not only about shipping an app in a new language. It is about building an institution that works within local rules and expectations.

What Comes Next

The licence application is the starting point. Approval will take time, and no public launch date has been announced. Once approved, Revolut will be able to roll out banking services in Peruvian soles, alongside its existing international features.

Execution will matter more than intent. The market already has established players. Customer acquisition will depend on product relevance, trust, and operational reliability.

Peru may become a blueprint for further moves in the region. Or it may reveal how difficult local banking truly is when you leave your home regulatory environment.

Either way, this is a meaningful chapter in Revolut’s evolution from European fintech to global bank.

Key takeaways for fintech startups

Before expanding into new markets, it helps to understand what moves like this actually involve.

• Revolut has applied for a full banking licence in Peru.
  
  
• The move is part of a wider expansion across Latin America.
  
  
• A full licence enables the offering of regulated, local banking services.
  
  
• Peru combines strong digital adoption with a large underserved population.
  
  
• Local leadership is central to managing regulation and market fit.

If you are thinking about international growth or regulatory expansion, these moves are worth studying. If you want to explore what this means for your own roadmap, feel free to contact us or reach out to the Your Fintech Story team.