• Revolut has today announced its ambition to enter the South African market
• Revolut will apply for a full banking license, paving the way for a range of innovative products and features tailored to disrupt the South African market
• This move is part of a broader, global strategic expansion plan, reinforcing Revolut’s commitment to extending its services into new regions and reaching 100m customers by mid 2027

Revolut, the global financial app with more than 65 million customers worldwide, today announced that it will apply for a banking license in South Africa, collaborating closely with the South African Reserve Bank (SARB) throughout the process. The announcement was made today at the launch event for Revolut’s new global HQ in London, where the company also announced that it has surpassed 65 million customers worldwide, targeting 100 million customers globally by mid 2027.

South Africa represents a key growth market for Revolut, underpinned by its diversified economy, increasing digital adoption, and growing appetite for innovative financial services. Receiving a full commercial banking licence will enable Revolut to deliver innovative and essential financial services that meet the needs of South African customers.

The announcement represents a significant strategic entry for Revolut as its first application in Africa. The company plans to expand further in Africa as it works toward its goal of becoming the world’s first truly global bank.

Jacques Meyer, South Africa CEO at Revolut, 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 that is hungry for innovation. 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.”

Revolut is rapidly expanding its global footprint, with a mission to become a top three financial app in every market it enters, and enter 30 new markets by 2030. Now live across Europe, the UK, Australia, Japan, New Zealand, Singapore and the US, Revolut is making significant progress on licensing in key regions.

In Latin America, the company expects to launch as a bank in Mexico early next year, and is also moving forward with plans to enter Colombia and Argentina. In the APAC region, Revolut is preparing to launch in India after securing a payments license, and is working to obtain additional licenses in Australia and New Zealand. Revolut has recently been awarded a payments license in the UAE as it expands into the Middle East, and in Europe, the company recently announced a new Western Europe HQ in Paris.