Revolut has announced its plans to expand into the Peruvian market by applying for a full banking license and appointing Julien Labrot as the CEO of Revolut Peru.

This move aims to establish a locally-rooted, regulated business that caters to Peru's shifting financial landscape and increasing digitalization.

With smartphone penetration nearing 100% in Peru, a significant number of adults remain underbanked, presenting an opportunity for Revolut to enhance financial inclusion.

Source: pymnts.com