Revolut has taken a step toward entering the United
Arab Emirates after the Central Bank granted in-principle approval for its
Stored Value Facilities and Retail Payment Services licenses. The approval positions the UK-based financial app to
introduce its services to retail customers in the Emirates.

Entry into a Key Middle East Market

The UAE is a core target for Revolut, as the country combines a rapidly digitizing economy with a supportive regulatory framework. Once operations launch, the company expects demand for new payment solutions to drive adoption.

“Receiving these in-principle approvals from the
Central Bank of the UAE is a pivotal step for Revolut in the region,” said
Ambareen Musa, CEO of GCC at Revolut. “Our goal is to empower individuals here
with cutting-edge financial tools that offer transparency, flexibility, and
control, addressing key pain points in the current financial landscape.”

Musa, who founded the Middle East financial comparison
platform Souqalmal.com, joined Revolut to oversee its Gulf operations. Her
experience in financial services and fintech is central to the company’s plans
to expand in the UAE.

Related: Revolut Offers to Buy Back Up to 10% of Shares at $45 Billion Valuation: Report

Revolut also plans to hire staff locally in the coming
months. Its remote-first model allows the firm to tap a broader pool of talent
across the region while offering flexible work arrangements.

Expanding Global Footprint

The UAE approval adds to Revolut’s presence beyond
Europe and the UK. The company has launched in markets such as Australia,
Brazil, Mexico, Japan, Singapore, the US, and India.

Its long-term goal is to rank among the top three
financial apps in every country it enters. Revolut’s expansion into the UAE marks another step in
its strategy to grow across key financial hubs and offer tailored services to
local users.

Lately, Revolut has been exploring various avenues to
raise funds. The fintech giant recently launched a tender offer to repurchase
up to 10% of its shares from eligible investors.

The buyback, which prioritizes early backers, values the UK-based fintech at $45 billion, or $865.42 per share. The company is also facilitating a secondary share sale.

The $75 billion secondary share sale reportedly values
its stock at $1,381.06 per share, according to an internal memo cited by
Bloomberg, with staff allowed to sell up to 20% of their holdings and strong
interest reported from both new and existing investors.

This article was written by Jared Kirui at www.financemagnates.com.

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