Revolut: Expansion into Peru with Newly Appointed CEO

Global fintech Revolut, which currently serves over 70m retail customers worldwide, aims to use the move to strengthen its footprint across Latin America.

Julien Labrot has been appointed as CEO of Revolut Peru to lead local operations and define the strategy for the region.

The company notes that smartphone penetration in Peru is approaching 100% despite a significant portion of the adult population remaining underbanked.

This expansion follows the recent launch of a secondary share sale which cemented the company's position as the most valuable private tech firm in Europe.

That transaction allowed employees to sell shares and valued the firm at US$45bn as it continues to pursue a global banking strategy.

The group reported US$4bn in revenue and US$1bn in profit for 2024 while holding US$33bn in total assets.

Peru represents the fifth market in Latin America where the firm has announced expansion plans following entry into Brazil, Mexico, Colombia and Argentina.

Regulatory alignment and licensing strategy

The decision to apply for a full banking licence highlights a focus on consumer protection and long-term regulatory alignment within the Peruvian ecosystem.

This move aligns with broader industry trends where fintechs are seeking formal licences to compete directly with traditional lenders.

Revolut has also been expanding its services in the Middle East through a new partnership in the United Arab Emirates.

That collaboration with local entities is designed to enhance cross-border payment capabilities and increase the firm's global market share.

Carlos Urrutia, Head of Expansion at Revolut says: "Revolut's entry into Peru is built on our belief that digital financial services should be empowering, accessible, and secure for everyone.

“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.”

Local leadership and digital transformation

The appointment of Julien highlights a strategy of blending global infrastructure with deep knowledge of the local financial landscape.

Julien Labrot, CEO of Revolut Peru says: "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.

“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.”

The company plans to ramp up hiring efforts across Peru over the coming months using a remote-first approach to attract regional talent.

This expansion mirrors similar growth patterns seen in other emerging markets where digital infrastructure is rapidly evolving.

Industry analysis suggests that the shift towards open payments ecosystems in Latin America is creating significant opportunities for embedded finance providers.

The region has seen a surge in digital adoption as regulators move toward more transparent and competitive financial frameworks.

Strategic goals for the Latin American region

The entry into Peru is part of a broader ambition to eventually serve 100m customers across 100 different countries.

A full licence will enable the firm to progressively roll out localised products that offer consumers greater control over their personal finances.

Management believes the digitising economy in Peru provides a fertile ground for high-growth financial services.

By securing a banking licence from the outset the firm avoids the limitations often faced by digital wallets and payment processors.

This sustainable operations model is intended to foster trust with both local regulators and future customers.

The firm continues to leverage its US$75bn valuation to fund aggressive growth into territories with high underbanked populations.