Revolut has taken a step toward entering the United Arab Emirates after the Central Bank granted in-principle approval for its Stored Value Facilities and Retail Payment Services licenses. The approval positions the UK-based financial app to introduce its services to retail customers in the Emirates.
Entry into a Key Middle East Market
The UAE is a core target for Revolut, as the country combines a rapidly digitizing economy with a supportive regulatory framework. Once operations launch, the company expects demand for new payment solutions to drive adoption.
“Receiving these in-principle approvals from the Central Bank of the UAE is a pivotal step for Revolut in the region,” said Ambareen Musa, CEO of GCC at Revolut. “Our goal is to empower individuals here with cutting-edge financial tools that offer transparency, flexibility, and control, addressing key pain points in the current financial landscape.”
Musa, who founded the Middle East financial comparison platform Souqalmal.com, joined Revolut to oversee its Gulf operations. Her experience in financial services and fintech is central to the company’s plans to expand in the UAE.
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Revolut also plans to hire staff locally in the coming months. Its remote-first model allows the firm to tap a broader pool of talent across the region while offering flexible work arrangements.
Expanding Global Footprint
The UAE approval adds to Revolut’s presence beyond Europe and the UK. The company has launched in markets such as Australia, Brazil, Mexico, Japan, Singapore, the US, and India.
Its long-term goal is to rank among the top three financial apps in every country it enters. Revolut’s expansion into the UAE marks another step in its strategy to grow across key financial hubs and offer tailored services to local users.
Lately, Revolut has been exploring various avenues to raise funds. The fintech giant recently launched a tender offer to repurchase up to 10% of its shares from eligible investors.
The buyback, which prioritizes early backers, values the UK-based fintech at $45 billion, or $865.42 per share. The company is also facilitating a secondary share sale.
The $75 billion secondary share sale reportedly values its stock at $1,381.06 per share, according to an internal memo cited by Bloomberg, with staff allowed to sell up to 20% of their holdings and strong interest reported from both new and existing investors.