London-based financial technology company Revolut is set to launch its services in the UAE after receiving initial approval from the country's Central Bank.
The digital bank has in-principle approval for its stored value facilities and retail payment services licences, it said in a statement on Tuesday. Revolut added that it would also increase hiring efforts across the UAE in the coming months.
Ambareen Musa, chief executive of the Gulf branch of Revolut, called the regional launch a “pivotal step” in the company’s expansion plans.
“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,” she said.
Ms Musa also founded Souqalmal.com, a financial comparison platform in the Middle East.
Nikolay Storonsky, who worked at Lehman Brothers and Credit Suisse Group, launched Revolut in 2015 in the UK, offering money transfers and exchanges. The company started out by offering a prepaid debit card with no foreign transaction fees, but its services now include bank accounts, international money transfers, cryptocurrency and stock trading, as well as bill paying and budgeting tools.
Revolut has grown rapidly in recent years and now has more than 60 million customers around the world, which is more than traditional rivals including HSBC and Barclays. That has helped the FinTech company boost revenue by 72 per cent to $4 billion and grow its profit, Bloomberg reported this month.
Mr Storonsky’s net worth almost doubled to about $14 billion after the higher valuation the company received in a secondary share sale this month, the Bloomberg Billionaires Index showed. He is now the world’s 201st-richest person, it said.
The secondary share sale has given Revolut a $75 billion valuation, making the start-up one of Europe's most valuable financial firms since its founding a decade ago.
The UAE represents a “pivotal growth market” for Revolut, driven by its “dynamic economy, high digital adoption rates and strategic position as a global financial hub”, the company said.
The region's “forward-thinking regulatory environment and strong demand for innovative financial solutions” make it an attractive destination for both investment and expansion, it added.
Revolut has continued to increase its presence outside Europe and the UK, with operations in Australia, Brazil, Mexico, Japan, New Zealand, Singapore, the US and India. The company said it aimed to become one of the top three financial apps in every market it enters.
