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Image: Revolut
When Revolut’s leadership gathered in London earlier this week to open its new global headquarters, it wasn’t just a ceremonial event.
The fintech used the moment to reaffirm a bold global push: South Africa is next.
The company publicly confirmed plans to apply for a full commercial banking license in South Africa, marking what it calls its first license application in Africa.
Revolut describes South Africa as a “key growth market,” a nation with strong digital adoption, a diversified economy, and a population increasingly open to app-centric financial services. Obtaining a banking license, the company says, will allow it to offer “a wider range of products tailored to local customers”, from deposit accounts to credit and lending services.
According to Fintechnews Middle East, Revolut has already begun engaging with the South African Reserve Bank’s (SARB) Prudential Authority as part of its licensing efforts.
The company, which now claims more than 65 million customers globally, has a target of reaching 100 million users by mid-2027.
On paper, SA might seem well served by established banks. But Revolut’s bet hinges on a handful of converging trends:
Digital readiness: A growing proportion of South Africans already manage finances on mobile apps, opening the door for app-native challengers.
Market space for disruption: Many existing banks still cling to legacy infrastructure; Revolut aims to leapfrog them with a modern stack.
Continental anchoring: South Africa offers scale, visibility, and regulatory sophistication, a relatively favourable beachhead before pushing into less regulated markets.
For Revolut, South Africa could serve as proof of concept for scaling regulated banking across the continent.
Revolut has framed this license application as a bridge into broader expansion across Africa.
“South Africans are ready for a new approach to banking," Jacques Meyer, Revolut’s Chief Executive for South Africa, said.
"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," he added.
"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.”
In parallel with its African ambitions, Revolut is reportedly exploring a bold move in the United States: acquiring a US bank.
According to Reuters, Revolut is considering purchasing a US banking institution as a faster route into the American market, enabling it to bypass more prolonged charter processes.
At its London HQ launch, the company confirmed it is “exploring buying a US bank or applying for its own US banking license.”
Revolut sees the acquisition route as a shortcut to deposit-taking and lending in the US, accelerating its global footprint.
This strategy aligns with what industry observers are calling a fintech playbook: rather than waiting years for license approval, acquire a small existing chartered bank and convert it.