Digital banking giant eyes South Africa as key growth market, marking its first license application in Africa
Revolut, the global financial super app, has announced plans to apply for a commercial banking license in South Africa, marking its first banking license application in Africa as part of its ambitious global expansion strategy.
The London-headquartered fintech confirmed the move during the opening of its new global headquarters, where it also revealed its customer base has surpassed 65 million worldwide. Revolut aims to reach 100 million users by mid-2027 as it accelerates growth across emerging and developed markets.
By obtaining a South African Reserve Bank (SARB) license, Revolut would be able to offer a full suite of banking services tailored to local consumers, expanding beyond payments and money management to lending, savings, and other financial products.
The company views South Africa as a strategic growth market, citing its diverse economy, rapid digital adoption, and demand for innovative financial services.
Jacques Meyer, Revolut’s Chief Executive for South Africa, 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 hungry for innovation. Becoming a licensed bank will allow us to deliver a full suite of products and become the go-to financial app for millions of South Africans.”
Revolut’s expansion plans include becoming one of the top three financial apps in every market it enters and launching operations in 30 additional countries by 2030.
The fintech has been rapidly scaling worldwide:
- In Latin America, Revolut plans to begin banking operations in Mexico next year and is preparing to enter Colombia and Argentina.
- In Asia-Pacific, the company is expanding into India (following its payments license approval) and pursuing banking licenses in Australia and New Zealand.
- In the Middle East, Revolut has secured a payments license in the UAE.
In Europe, it has established a Western Europe headquarters in Paris to strengthen its regional footprint.
If approved, the South African banking license would allow Revolut to compete directly with local banks and digital challengers, bringing new options for digital banking, payments, and financial management to millions of South Africans.
