Revolut has announced plans to apply for a commercial banking license in South Africa, marking its first license application on the African continent. The digital bank said it will work closely with the South African Reserve Bank (SARB) during the process as it seeks to expand its financial services offering in the market.
The announcement came during the opening of Revolut’s new global headquarters in London, where the company also revealed its customer base has surpassed 65 million worldwide, with a target of reaching 100 million by mid-2027.
Revolut described South Africa as a key growth market, citing its diversified economy, accelerating digital adoption, and increasing demand for innovative financial services. A banking license would allow the company to offer a wider range of tailored products for South African customers.
“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,” said Jacques Meyer, Revolut’s Chief Executive for South Africa. “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.”
The move forms part of Revolut’s ambition to become what it calls the world’s first “truly global bank.” The company has set a goal of expanding into 30 additional countries by 2030 and aims to become a top three financial app in every market it enters.
Revolut is simultaneously expanding across other key regions. In Latin America, the company plans to launch banking services in Mexico early next year, while also preparing entries into Colombia and Argentina. In Asia-Pacific, it is seeking additional licenses in Australia and New Zealand and is preparing to launch in India following approval of a payments license. In the Middle East, it has already secured a payments license in the UAE, while in Europe, it has established its Western Europe headquarters in Paris.
