Revolut took a step towards entering the United Arab Emirates after the central bank granted principled approval for its preserved value facilities and retail payment services licenses. With this approval, the UK-based financial app is deployed to refer the service to Emirates retail customers.
Entering major Middle Eastern markets
The United Arab Emirates is a central goal of Revolut as the country combines a rapidly digital economy with a supportive regulatory framework. Once operations are in place, the company expects demand for new payment solutions to drive adoption.
“We're looking forward to seeing you in the future,” said Ambareen Musa, CEO of GCC at Revolut. “Our goal is to give us the cutting edge financial tools that provide transparency, flexibility and control, addressing the key issues of the current financial environment.”
Musa, who founded the Middle East financial comparison platform Souqalmal.com, joined Revolut to oversee the Gulf business. Her experience in financial services and fintech is central to the company's expansion plans in the UAE.
Related: Revolut offers to buy up to 10% stake at a $45 billion valuation: Report
Revolut will also be hiring local staff in the coming months. Its remote-first model allows the company to tap on a wider pool of talent across the region, while providing flexible work arrangements.
Expanding the global footprint
The UAE approval adds to the existence of Revolut, beyond Europe and the UK. The company has launched in markets in Australia, Brazil, Mexico, Japan, Singapore, the US and India.
Its long-term goal is to rank it among the top three financial apps in every country it enters. Revolut's expansion to the UAE illustrates another step in a strategy to grow across major financial hubs and provide customized services to local users.
Recently, Revolut has been exploring various paths to raising funds. The fintech giant recently launched a tender offer to repurchase up to 10% of its shares from eligible investors.
The acquisition, which prioritizes early supporters, values the UK-based FinTech at $45 billion or $865.42 per share. The company is also promoting secondary stock sales.
According to an internal memo cited by Bloomberg, the $75 billion subsidized sale reportedly values the stock at $1,381.06 per share.
