Revolut Expands Its Reach: The Fintech Company Enters the UAE Market
British fintech company is preparing to launch financial services for customers in the UAE
Photo: AltumCode / Unsplash
The British fintech startup Revolut, founded by Nikolai Storonsky, has received approval from the Central Bank of the UAE to operate in the country and is preparing to launch its business in the Middle East, Bloomberg reports, citing a statement from the company.
The local regulator has approved Revolut’s application for licenses to provide retail payment services and money holding services. Before fully launching its service in the UAE, the company plans to deploy its technological infrastructure and establish its operational processes.
Revolut customers in the Emirates will gain access to the company’s global financial platform and, among other things, will be able to open multi-currency accounts, make payments using physical and virtual cards, and send money both domestically and internationally.
Revolut received its license just a few days after the U.S. and Iran announced they had agreed on a peace memorandum intended to formalize the cessation of hostilities in the Middle East, Bloomberg notes. The signing of this document is scheduled for Friday, June 19. It is set to take place in Switzerland.
Context
In addition to the UAE, Revolut is seeking a banking license in the U.S. and also plans to enter the markets in Turkey and Morocco. Bloomberg previously reported that, to launch in Turkey, Revolut is in talks to acquire the local digital bank FUPS.
Revolut currently has about 75 million users worldwide. In recent months, the company has obtained a full banking license in the UK and entered the Mexican market. At the same time, the fintech company is considering a secondary share offering, in which Revolut’s entire business could be valued at $115 billion. In April, Storonsky stated that the company has no plans for an IPO until at least 2028, and that the bank may conduct several more secondary offerings before then. Before going public, Revolut aims to reach a valuation of up to $200 billion, the Financial Times reported.
This article was AI-translated and verified by a human editor
