Revolut has declared its intention to apply for a South African banking license. This move signifies Revolut’s first license application in Africa.
The business and the South African Reserve Bank (SARB) will collaborate closely during the undertaking.
Revolut announced the opening of its new global headquarters in London. The company also revealed that it now has over 65 million customers worldwide and aims to reach 100 million by the middle of 2027.
Why South Africa
According to the company, South Africa’s diversified economy, growing digital adoption, and demand for new financial services make it a key growth market.
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With a commercial banking license, Revolut could offer more products tailored to local clients.
The company has declared that it plans to expand further throughout the continent to become the first “truly global bank.”
Jacques Meyer, Revolut’s Chief Executive for South Africa, said, “South Africans are ready for a new approach to banking. The market is primed for disruption, and we see a clear opportunity to bring our product expertise and customer-first approach to a country hungry for innovation. Becoming a licensed bank will allow us to bring a full suite of products to the market and ensure we become the go-to financial app for millions of South Africans.”
Revolut’s expanding global footprint
Revolut keeps growing its global footprint, aiming to rank among the top three financial apps in every market it enters and enter 30 more nations by 2030.
Revolut is preparing to enter Colombia and Argentina in Latin America and anticipates opening a bank in Mexico early next year.
After a payment license is approved, it intends to launch in India and the Asia-Pacific region. It is also looking for additional licenses in Australia and New Zealand.
The company recently opened a Western European headquarters in Paris and has a payments license in the United Arab Emirates in the Middle East.