Revolut seeks Peru banking license to expand Latin America footprint
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Revolut logo is seen in this illustration taken July 29, 2024. REUTERS/Dado Ruvic/Illustration
Jan 19 (Reuters) - Britain's Revolut said on Monday it has applied for a full banking license in Peru, marking the global fintech firm's fifth market expansion in Latin America.
The $75 billion company - pegged as Europe's most valuable financial technology company - has been rapidly growing into global high-growth markets under its strategy to reach 100 million customers by 2027.
It recently received a crypto license in Cyprus and announced plans to launch a payment platform in India.
Revolut's Peru foray reflects growing private sector interest in Latin America's digital banking sector, as near-universal smartphone adoption and a still-underbanked population create opportunities for digital fintech firms.
A full license would allow Revolut to gradually introduce a wider range of localised products.
The London-based firm, which has more than 70 million retail customers globally, has already announced expansion plans in Brazil, Mexico, Colombia and Argentina as it seeks to capture market share in the region's rapidly digitising economies.
(Reporting by Yamini Kalia in Bengaluru)
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