PANews reported on January 19th that, according to Bloomberg, British fintech company Revolut has applied for a full banking license in Peru to expand its operations in Latin America and compete with major fintech companies in the region. The company stated that the license will allow Revolut to offer Peruvian users a range of localized products and services, enhancing their control over their finances.

Peru is Revolut's fifth country in Latin America. Previously, the company had obtained a banking license in Mexico, been approved to establish a bank in Colombia, acquired a bank in Argentina, and held a credit license in Brazil.