Revolut is advancing its operations in the United Arab Emirates following the approval from the Central Bank for key licenses. This in-principle approval for Stored Value Facilities and Retail Payment Services will allow the financial app to offer its services to retail consumers in the UAE.
Targeting the UAE is strategic, as the country is experiencing rapid digitization and possesses a favorable regulatory environment. The launch of services is anticipated to coincide with growing demands for innovative payment solutions in the region.
The leadership team emphasizes that achieving these approvals is a significant milestone for future operations. The aim is to provide individuals in the UAE with modern financial tools that promote transparency, flexibility, and user control, while addressing existing gaps in the financial system.
To spearhead its operations in the Gulf region, a knowledgeable executive who has previously founded a successful financial comparison platform has been appointed. This individual brings valuable expertise in financial services and technology, which is essential for Revolut’s ambitions in the UAE market.
Additionally, the company is committed to local hiring over the coming months, taking advantage of a remote-first operational model. This flexibility will enable the organization to attract talent across the region and cater to the diverse needs of its workforce.
Revolut’s recent licensing approval complements its expansion beyond the European and UK markets. The company has successfully established itself in several countries across the globe, including Australia, Brazil, Mexico, Japan, Singapore, the United States, and India. The long-term vision includes positioning itself among the top three financial applications in every market it enters, which demonstrates an ambition to deliver tailored solutions specific to local consumers.
In terms of funding, the company is actively exploring various options, including a recent tender offer aimed at buying back up to 10% of its shares from selected investors. This move is designed to prioritize early investors and comes with a valuation of the firm at approximately $45 billion, indicating a share price around $865.42. Additionally, a secondary share sale has been put in motion, valuing its stock at around $1,381.06 per share according to internal communications. Employees have the opportunity to sell a portion of their shares, leading to significant interest from both new and existing investors.
Overall, the strategic movements and ongoing expansions illustrate the company’s commitment to broadening its footprint in vital financial markets while enabling innovative solutions to meet the needs of customers. The anticipated entry into the UAE further reinforces the company’s objectives and positions it for continued growth in the financial services sector.