Revolut has received approval for its Stored Value Facilities and Retail Payment Services (Category II) licences from the Central Bank of the UAE (CBUAE).
This in-principle approval reflects the neobank’s plans to launch in the UAE, aiming to offer its solutions to retail customers in the region and support individuals with financial tools that offer transparency. The company is committed to contributing to the industry worldwide and remaining compliant with local and global regulatory requirements.
Revolut’s global expansion
The UAE is a key region for Revolut’s growth as it is driven by a dynamic economy and high digital adoption rates. The region’s regulatory landscape and demand for modern financial solutions make it an attractive destination for investment and expansion plans. By collaborating closely with the CBUAE, Revolut aims to deliver better results to its customers while offering financial flexibility.
Additionally, Revolut will focus on hiring talent in the UAE over the coming months, focusing on a remote-first approach, fostering flexibility, inclusion, and access to a wider talent pool. Currently, the neobank continues to grow its presence outside of Europe and the UK, with operations in Australia, Brazil, Mexico, Japan, New Zealand, Singapore, the US, and India. The expansion into the UAE highlights its commitment to global growth and offering localised solutions that benefit customers seeking greater control over their finances.
In its mission to expand, Revolut extended its collaboration with Google Cloud. The partnership involves Revolut using Google Cloud’s secure infrastructure to improve its growing global systems, ensuring improved performance as its user base continues to expand. This expanded partnership is an important step in Revolut’s plans to reach 100 million customers worldwide. According to the company’s data, Revolut has grown from 1.5 million customers in 2018 to 50 million in 2024.
Revolut faced challenges when it came to gaining licences in the UK, as it secured a UK banking licence after a three-year wait, but did not get the full authorisation, only entering the mobilisation stage, which imposed restrictions on its operations.
