Major international fintech company Revolut is set to launch its first African branch in South Africa.
Revolut confirmed that it will apply for a full banking license, paving the way for a range of innovative products and features tailored to disrupt the South African market.
The company, which has over 65 million customers worldwide, said that this move is part of a broader, global strategic expansion plan, reinforcing its commitment to extending its services into new regions and reaching 100 million customers by mid-2027.
Moreover, South Africa represents a key growth market for Revolut, underpinned by its diversified economy, increasing digital adoption, and growing appetite for innovative financial services, the company said.
Jacques Meyer, South Africa CEO at Revolut, said South Africans are ready for a new approach to banking.
“The market is primed for disruption, and we see a clear opportunity to bring our product expertise and customer-first approach to a country that is hungry for innovation. 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,” Meyer said.
