[Digital Today reporter Chi-gyu Hwang] British fintech firm Revolut has applied for a banking licence in Peru as it seeks to expand in Latin America, Cointelegraph reported on Sunday.
If it obtains the licence, it would be able to operate as an official bank in Peru, following Mexico, Colombia and Brazil. Revolut has made the remittances market and cross-border payments its core strategy and highlighted that about 1,000,000 Peruvians depend on overseas remittances.
Peru’s personal remittances totalled $4.93 billion in 2024.
In Latin America, Mercado Libre and Nubank are also expanding stablecoin payments. Mercado Libre launched the dollar-pegged stablecoin "Meli Dollar" in Brazil, and Nubank plans to link stablecoins to credit card payments. Chainalysis said Latin America’s cryptocurrency transaction volume reached $1.5 trillion from July 2022 to June 2025.
Chi-gyu Hwang
delight@d-today.co.kr