Revolut, the UK fintech giant, is making a big move again — submitting a full banking license application in Peru. What does this mean? To put it simply, they are officially entering Latin America.

The fintech market in Latin America has been booming in recent years, with local players already securing their positions. Revolut's move is quite bold — they are directly applying for a full banking license instead of pursuing other types of permits, which means they intend to make a big impact there. Competition will definitely be fierce — after all, the leading fintech companies in the region are all eyeing this opportunity.

Peru is an interesting entry point, as it is one of the countries in South America with relatively open financial policies. Starting here, there’s a good chance they will expand to other countries later.