Revolut Expands Global Footprint with a Move into Peru
Revolut, a leading fintech company, has confirmed its plans to establish operations in Peru. The UK-based firm has begun the process by applying for a full banking license in the country. This move is part of the company’s ongoing global expansion strategy.
Julien Labrot Appointed as CEO
To oversee the launch and development within the Peruvian market, Julien Labrot has been appointed as the CEO of Revolut Peru. Labrot, a seasoned professional with significant experience in the financial sector within the region, is expected to assemble a local team and guide Revolut’s business strategy on the ground.
Revolut’s Expansion Strategy
Revolut’s entry into Peru aligns with the firm’s belief in digital financial services being empowering, accessible, and secure for everyone. Carlos Urrutia, Revolut’s expansion head, stated that by pursuing a full banking license, the company is not just entering a new market but is committing to becoming a trusted and integral part of Peru’s financial ecosystem.
If granted a full banking license, Revolut will be able to introduce a suite of products and services tailored to Peruvian customers. The fintech firm plans to grow its workforce in Peru over the coming months, continuing its adoption of primarily remote work practices.
Continued Growth in Latin America
This move marks Peru as the fifth Latin American market targeted by Revolut, following the company’s expansion announcements for Brazil, Mexico, Colombia, and Argentina. With an ambitious objective of reaching 100 million customers across 100 countries globally, Revolut continues to broaden its reach.
For 2024, the company reported impressive figures, including a revenue of $4bn, profits of $1bn, and total assets amounting to $33bn, giving it a valuation of $75bn.
Revolut’s Commitment to Peru
Revolut Peru CEO Julien Labrot commented on the expansion, stating their 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 their future customers. He added, “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.”
In an effort to enhance security for its users, Revolut recently introduced an in-app function designed to counteract impersonation scams. The tool identifies when users access the app during phone calls, including those through third-party platforms, and verifies if the call involves a legitimate Revolut representative.
With these robust expansion plans and commitment to security, it’s clear that Revolut is determined to make a significant impact on the global fintech scene. Source: Here
