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UK’s Revolut to launch in South Africa, targeting tech-savvy youths

Modupeoluwa Olalere by Modupeoluwa Olalere
March 11, 2025
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UK’s Revolut to launch in South Africa, targeting tech-savvy youths
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Revolut, the London-headquartered digital bank, is reportedly planning to enter the South African market. 

Revolut, founded in 2015 by Nikolay Storonsky and Vlad Yatsenko, offered prepaid cards with low-fee foreign exchange. Eventually, it became a financial “super app”.

This move could serve as a launchpad for the company’s expansion into other African countries. As of Monday, Revolut has been exploring opportunities in South Africa, a market it views as attractive for offering a unique value proposition to customers.

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Revolut has 50 million customers globally, with 10 million in the UK alone. The company is valued at US$ 45 billion (as of August 2024). Revolut has no banking licence in Africa, but consumers can download the app and use a limited set of services. 

Revolut entering SA digital bank market

Revolut’s entry into South Africa will introduce a new level of competition among digital banks like TymeBank and Discovery Bank. 

Unlike local digital banks, Revolut offers a broader range of services, including multi-currency accounts, fee-free currency exchange, stock and commodity trading, and cryptocurrency trading. 

This extensive product suite could raise the bar for innovation and service delivery in the region. Revolut noted, “South Africa is a market we are evaluating, and one we see as attractive, with the potential to offer a unique value proposition to customers in the future. However, we are quite early in the process”.

Revolut’s global expertise and diverse offerings could pressure traditional banks to enhance their digital services further. The company has already hired Tom Morrison as Head of Strategy & Operations in South Africa, indicating its commitment to establishing a strong presence in the country. 

With a full banking licence, Revolut could offer services beyond payments and money transfers, including savings accounts and lending.

Read also: U.S. excludes UK, African countries, from 2025 visa-free entry list (See full list)

Revolut impact on traditional banking

The potential arrival of Revolut in South Africa could accelerate the digital transformation of traditional banks. As neobanks have grown, these institutions have introduced digital products and competitive pricing.

Revolut’s lean operating model and focus on seamless digital experiences might attract younger, tech-savvy customers who value convenience and lower fees. As Revolut continues to grow globally, its entry into South Africa could mark a transformative period for banking in the region.

Tags: LondonRevolutSouth AfricaUK
Modupeoluwa Olalere

Modupeoluwa Olalere

Modupe is a tech content writer with 3+ years of experience turning complex ideas into clear, engaging stories. She covers innovation, digital trends, and emerging technologies. When she’s not writing, she’s exploring new tools or tracking trends shaping Africa’s tech ecosystem.

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