Revolut is expanding its presence in the Middle East receiving approval to operate in the United Arab Emirates, a key market for international payments and remittances.
The UAE’s central bank granted the fintech Stored Value Facilities and Retail Payment Services (Category II) licenses, allowing it to offer services ranging from multicurrency accounts and cards to domestic and cross-border payments.
The international aspect is expected to be particularly relevant to UAE consumers, many of whom are expatriates seeking efficient ways to send payments and remittances home. As Revolut is active in over 40 countries and continues to expand, this global footprint has become a major selling point for the platform.
Bolstering Its Services
Along with international expansion, Revolut has broadened its offerings to include a range of financial services. The company has even explored opening a brick-and-mortar store—not a bank branch—in Barcelona.
The company has expanded its rewards offering through its RevPoints program, which allows users to earn points on spending and redeem them for airline tickets or hotel stays. The model was first introduced in Europe before expanding to Australia last year.
Becoming a Global Bank
The rise of Revolut has put considerable pressure on traditional financial institutions to modernize, especially in the UK. For example, Lloyds recently partnered with Stripe to enhance the bank’s small business offering, driven in part by fintechs’ growing popularity in the segment.
Barclays, meanwhile, acquired the UK segment of GoHenry. The deal allows the financial institution to offer a digital-first debit and financial management product geared toward children as young as six, helping it build long-term customer relationships and fend off fintech challengers.
Even as traditional banks attempt to become more Revolut-esque, Revolut has its sights set on becoming a truly global bank. After launching operations in Mexico, the company has applied for a U.S. bank license. Its ambitious goal is to expand into 30 new markets by 2030 and add roughly 30 million more customers by the middle of next year.