London-based fintech giant Revolut has received in-principle approval from the Central Bank of the UAE (CBUAE) to operate in the country. This milestone strengthens the company’s growing international presence and positions it to tap into one of the Middle East’s most dynamic financial hubs.
A Major Step for Revolut in the Gulf
The approval covers two critical licenses:
- ✅ Stored Value Facilities (SVF) license – enabling digital wallets and prepaid services.
- ✅ Retail payment service license – allowing Revolut to facilitate transactions for individuals and businesses.
Ambareen Musa, CEO of Revolut GCC, highlighted the significance of the move:
“Receiving these approvals from the Central Bank of the UAE is a pivotal step for Revolut in the region.”
With this foundation, Revolut plans to ramp up hiring in the UAE, leveraging its remote-first model to attract diverse talent from across the Gulf and beyond.
Expanding Global Footprint
The UAE approval adds to Revolut’s rapid global expansion. The company now operates in:
- India
- Brazil
- Japan
- Australia
- Mexico
- Singapore
- New Zealand
The Middle East represents a strategic growth region where digital payments and neobanking adoption are accelerating, supported by progressive regulators and strong consumer demand.
U.S. Market Ambitions
Revolut is also eyeing the U.S. market, where it is considering two possible strategies:
- 🔹 Acquiring an American lender to gain an immediate foothold.
- 🔹 Applying for its own banking license to build operations organically.
Reports suggest the company may hire investment bankers to explore acquisition opportunities. Additionally, Revolut is preparing to roll out savings products for U.S. consumers, signaling a deeper push into traditional banking services.
Other U.K. challenger banks are pursuing similar strategies. Starling Bank is also weighing entry into the U.S., with CFO Declan Ferguson noting that an acquisition could provide faster market entry.
FinTech–Bank Collaborations on the Rise
Revolut’s move comes at a time when traditional banks and fintech firms are increasingly collaborating. Industry data shows:
- 62% of banks are actively exploring fintech partnerships to enhance cross-border payments.
- Such collaborations are no longer optional but a core innovation strategy for financial institutions.
As fintech adoption accelerates, the lines between traditional banks and digital-first players continue to blur, creating hybrid ecosystems that benefit consumers and businesses alike.
What This Means for the UAE
For the UAE, Revolut’s entry signals:
- 📈 More competition in digital payments and banking services.
- 🌍 Global fintech integration into local markets.
- 💼 New job opportunities as Revolut builds its regional team.
- 🚀 Boosted financial innovation aligned with the country’s digital economy vision.
Looking Ahead
Revolut’s UAE approval is more than a regulatory green light—it’s a gateway to the wider Gulf market and a crucial step in its ambition to become a global financial super-app.
As the fintech continues to expand, its growing presence in both developed and emerging markets underscores a broader trend: the future of finance will be defined by collaboration, competition, and seamless global connectivity.