Revolut Ltd., the London-based digital banking giant, is making significant strides toward entering the Middle East as part of its global expansion strategy. According to sources close to the matter, the fintech company has submitted applications to the Central Bank of the United Arab Emirates (CBUAE) for licenses to operate as an electronic-money institution and provide remittance services in the country. The ultimate goal, they added, is to eventually apply for a full banking license, mirroring the firm’s recent success in securing a banking license in the UK after years of effort.
A spokesperson for Revolut declined to comment on the matter, while the UAE’s central bank did not respond to requests for confirmation.
Expanding Global Reach
Revolut, which currently boasts 9 million customers in the UK — triple the number of clients held by Metro Bank Holdings Plc — is turning to international markets for growth. This push into the UAE is part of a broader geographic expansion, with the company recently launching services in countries as diverse as Mexico, Brazil, and New Zealand.
A Growing Presence in the UAE
The fintech firm first established an office in the UAE in 2022, with its Dubai International Financial Center (DIFC) branch now housing 140 employees. Many of these workers relocated from Ukraine following Russia’s invasion of the country. Revolut’s billionaire CEO, Nik Storonsky, a frequent visitor to Dubai, has long expressed interest in expanding the company’s footprint across the Gulf region.
While the company’s presence in the UAE has been established for over a year, residents have so far been unable to open accounts due to regulatory constraints. With the new license applications, Revolut hopes to change that, offering its services to a market where expatriates far outnumber nationals and remittance flows remain among the highest globally.
In line with its growth ambitions, Revolut is actively hiring for key roles in the UAE, including a head of finance with at least 10 years of experience in finance and knowledge of local tax regulations. The company is also seeking a head of legal, alongside filling several other positions in compliance, engineering, crypto, and product development.
Plans for Saudi Expansion
Revolut is not stopping at the UAE. The firm is also exploring opportunities to expand into Saudi Arabia, marking its next move into the lucrative Gulf market. Storonsky, speaking at the Dubai Fintech Summit in May, underscored the company’s ambitions by stating, “We want to build a truly global bank.”
Tapping Into Trade Ties
Revolut’s expansion comes at a time when the UK government is working to deepen economic ties with the UAE, a nation that manages nearly $2 trillion in sovereign wealth. British ministers are keen to encourage Emirati investment in the UK and expand trade deals with the Gulf Cooperation Council (GCC), of which the UAE is a member. Revolut executives have reportedly attended diplomatic events aimed at fostering relationships with these countries, aligning with the UK’s broader trade initiatives.
This is not the first time Revolut has aligned its expansion strategy with the UK’s international trade efforts. Last year, following ongoing negotiations between UK and Mexican officials to bolster trade relations, Revolut successfully secured a banking license in Mexico. Similar efforts are now underway in India, another key market for the UK’s global trade ambitions.
As Revolut continues to grow its international footprint, the company’s expansion into the Middle East signals its determination to become a truly global financial powerhouse, leveraging both regulatory approvals and diplomatic ties to unlock new markets.
