London-based fintech giant, Revolut Ltd, is pursuing significant expansion in the Middle East, with a particular focus on the United Arab Emirates (UAE). The company has applied for licenses from the UAE Central Bank to operate as an electronic money institution and provide remittance services, with plans to eventually secure a full banking license. This move aligns with Revolut’s broader global strategy, following its recent acquisition of a UK banking license.
Having already entered markets such as Mexico, Brazil, and New Zealand, Revolut established its UAE office in 2022, relocating 140 staff members from its Ukraine office amid the 2022 Russian invasion. At the Dubai Fintech Summit, CEO Nik Storonsky underscored Revolut’s ambition to create a “truly global bank,” highlighting the importance of the Gulf region in its long-term strategy. In addition to the UAE, the company is exploring expansion opportunities in Saudi Arabia.
In a further boost to its growth, Abu Dhabi’s Mubadala Investment Company has taken a stake in Revolut for the first time, participating in a recent $500 million share sale. This sale valued the fintech at $45 billion and netted Revolut’s founder, Nik Storonsky, between $200 million and $300 million. The proceeds are expected to support Storonsky’s venture capital fund, QuantumLight, focused on AI-driven investing.
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With over 45 million customers globally, including 9 million in the UK, Revolut’s international expansion is accelerating. The fintech recently turned a profit of £438 million in 2023, a significant turnaround from a £25 million loss in 2022. As it continues to scale in key markets, including the US and Europe, Revolut is positioning itself as a major player in the global banking landscape.
