Revolut seeks growth in Middle East with UAE expansion plans

Revolut, a London-based fintech company, is seeking licenses to operate in the UAE, aiming to become an electronic-money institution and offer remittances. The eventual goal is to secure a full banking license, similar to its recent UK approval. Revolut, which already has 9 million UK customers, plans geographic expansion to grow its user base, having recently entered markets such as Mexico, Brazil, and New Zealand.

The company established an office in the UAE in 2022 and now employs 140 people at the Dubai International Financial Center. CEO Nik Storonsky has long aimed to expand into the Gulf, though it was previously impossible for UAE residents to open accounts due to licensing issues. In addition to the UAE, Revolut is eyeing opportunities in Saudi Arabia.

Revolut is also hiring for several key roles in the UAE, including finance and legal positions. The firm's expansion aligns with the UK's efforts to strengthen ties with the UAE and other Gulf nations.

Source: BNN Bloomberg