Revolut is aiming to expand its operations into Gulf Cooperation Council (GCC) countries.
According to reports, the British FinTech has applied to become an electronic-money institution in the United Arab Emirates (UAE) and is exploring opportunities in Saudi Arabia. The company is also recruiting for several positions in Dubai, including a head of finance and a head of legal for the region.
Revolut, which has 9 million customers in the UK, is actively expanding globally. Recent launches include Mexico, Brazil, and New Zealand, with plans to enter the Indian market. CEO Nik Storonsky expressed the company’s ambition to become a global bank during the Dubai Fintech Summit.
The company reported a significant revenue increase from $1.1 billion in 2022 to $2.2 billion in 2023, alongside a customer base growth to 45 million by June 2024. Storonsky reiterated their commitment to expanding Revolut’s presence worldwide.
In August, Revolut Business introduced its “borderless financial super app for businesses” in Singapore and hinted at further expansions. Additionally, Revolut and Visa announced a partnership to enable instant card transfers for business clients through Visa Direct, enhancing cross-border payment capabilities.
Earlier collaborations between Revolut and Visa included peer-to-peer card transfers to around 90 countries and the launch of virtual cards for the B2B travel sector.