British fintech giant Revolut is making another big move. Recently, the company submitted a full banking license application to the Peruvian regulatory authorities. What does this mean? To put it simply, Revolut is about to start playing seriously in Peru.

Once the license is approved, Revolut will be able to launch localized financial products and services in Peru, giving local users greater control over their wallets. This is not Revolut's first time doing this in Latin America; it is the fifth country. According to the company's ambitions, they aim to grow their global user base from the current 70 million to 100 million.

Why target Peru? There’s a reason behind it. Peru’s banking system is highly concentrated—its top four banks hold about 82% of the total lending volume nationwide. This monopoly creates an opportunity for fintech newcomers like Revolut. With the market dominated by a few banks, customer satisfaction with existing financial services is likely limited.

Looking at Revolut’s expansion strategy in Latin America: Mexico has already obtained a banking license, Colombia successfully established a bank, Argentina acquired a banking license through mergers and acquisitions, and Brazil is operating under a credit license. Peru is their fifth stop, and every step has been carefully planned.