Fintech giant Revolut has announced plans to apply for a commercial banking license in South Africa — its first such move in Africa.
Driving the news
- The announcement came at the opening of Revolut’s new global headquarters in London, where it also revealed it now serves more than 65 million customers worldwide, aiming for 100 million by mid-2027.
- South Africa’s diversified economy, rapid digital adoption, and growing demand for financial services were cited as key reasons for the move.
- The company is working closely with the South African Reserve Bank (SARB) during the licensing process.
Why it matters
A license would allow Revolut to expand beyond payments and offer a full suite of financial products in a market the company calls ripe for disruption.
What they’re saying:
“South Africans are ready for a new approach to banking… Becoming a licensed bank will allow us to bring a full suite of products to the market and ensure we become the go-to financial app for millions of South Africans,” said Jacques Meyer, Revolut’s South Africa CEO.
Zoom out:
- Revolut aims to be the first “truly global bank”, targeting top-three app status in every market.
- Expansion roadmap:
- Latin America: banking launch in Mexico in 2026, with Colombia and Argentina next.
- Asia-Pacific: India launch pending payments license; banking license pursuits in Australia and New Zealand.
- Middle East: payments license already secured in the UAE.
- Europe: new Western Europe HQ in Paris.
The big picture
Revolut is pushing aggressively into new markets, betting that its all-in-one financial app can undercut incumbents and capture millions of digital-first customers across continents.
Source: Fintech News
