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
Revolut Pursues Banking License in Peru to Broaden Latin American Reach
Revolut's Expansion Strategy in Latin America
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.
Opportunities in Digital Banking
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.
Localized Product Offerings
A full license would allow Revolut to gradually introduce a wider range of localised products.
Previous Expansion Efforts
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)
