Revolut has obtained the 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 paves the way for Revolut to enter the UAE market, aiming to provide financial solutions tailored for retail customers. The neobank is dedicated to offering tools that enhance transparency and assist individuals with their financial needs. Additionally, Revolut remains committed to compliance with both local and global regulatory standards.

Revolut’s Global Expansion Strategy

The UAE stands out as a crucial region in Revolut’s growth plans due to its robust economy and high rates of digital adoption. The country’s favorable regulatory environment and the demand for innovative financial services make it an ideal location for investment and expansion. Through close collaboration with CBUAE, Revolut seeks to deliver enhanced value to customers while providing flexible financial solutions.

Looking ahead, Revolut plans to enhance its local presence by hiring talent in a remote-first model. This approach is designed to promote flexibility, inclusivity, and access to a broader pool of skilled professionals. Currently, the neobank has a significant footprint outside Europe and the UK, with operations spanning Australia, Brazil, Mexico, Japan, New Zealand, Singapore, the US, and India.

The expansion into the UAE underscores Revolut’s dedication to global growth and localisation of services that empower customers in managing their finances more effectively.

In its ongoing efforts to scale, Revolut has extended its partnership with Google Cloud. This collaboration will enable Revolut to utilise Google Cloud’s secure infrastructure to enhance its expanding global systems, ensuring better performance as the user base grows. The expanded partnership is a key step towards Revolut’s goal of reaching 100 million customers worldwide.

According to Revolut’s data, the neobank has seen significant growth, increasing from 1.5 million customers in 2018 to over 50 million by 2024.