U.K.-based fintech giant Revolut is reportedly setting up operations in South Africa and has applied for a full banking license, according to a source familiar with the matter.
Why it matters: If approved, Revolut would become one of the few digital-first banks with full banking status in South Africa, a market dominated by traditional players and a growing number of neobanks.
The details
- According to his LinkedIn profile, Revolut hired Tom Morrison as Head of Strategy & Operations in South Africa three months ago.
- A full banking license would allow Revolut to offer services beyond payments and money transfers, including savings accounts and lending.
Source: X/Twitter
