The media reports that Revolut, a fintech company based in the United Kingdom, currently has plans to expand the scope of its activities in the Gulf Cooperation Council (GCC) member countries.
The mentioned firm has applied to become an electronic money institution and to offer such services as money remittances, in the United Arab Emirates. The relevant information was published by the media with reference to some anonymous sources on Friday, September 13. The journalists also claim that Revolut intends to implement a set of measures and solutions aimed at expanding the scope of its activities in the financial services market of Saudi Arabia.
Moreover, the media reports that the company is planning to hire a head of finance to join its existing team in the United Arab Emirates, a head of legal for business in the relevant region, and staffers for a variety of roles in Dubai. The mentioned information is contained in the published job listings.
Revolut has not yet provided any comments on information about the company’s intentions related to activities in the Persian Gulf countries.
The firm currently provides services to 9 million customers in the United Kingdom. The company is also making efforts to expand its operations in other countries. In recent months, the history of Revolut’s presence in Mexico, New Zealand, and Brazil has begun. The company also has plans to expand its operations in India.
Revolut chief executive officer Nik Storonsky said at the Dubai Fintech Summit in May about the desire to build a truly global bank.
In July, the company released information about the results of its activities last year, according to which its revenue in 2023 amounted to $2.2 billion. It is worth noting that in 2022, the corresponding figure was fixed at $1.1 billion. Also, the total number of Revolut customers increased by 12 million people last year. In June 2024, this figure was 45 million clients.
As we have reported earlier, Revolut Signs Agreements With Investors for Secondary Share Sale.
