Revolut has named SA its continental beachhead as one of the world’s biggest names in digital finance unveiled new headquarters in London, and a $13bn investment plan aimed at reaching 100-million consumers by mid-2027.
The announcement this week moves the $75bn (about R1.3-trillion) banking disrupter from regional intent to a specific market bet, creating a near-term test for the challenger to translate its scale and product playbook into the SA market.
“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,” said Jacques Meyer, Revolut’s SA CEO.
“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.”
The move will pit Revolut directly against established banks and fast-growing fintech, potentially forcing incumbents to defend their margins on foreign exchange and cross-border payments, and step up their digital upgrades.
“SA represents a key growth market for Revolut, underpinned by its diversified economy, increasing digital adoption and growing appetite for innovative financial services," the company said in a statement.
“Receiving a full commercial banking licence will enable Revolut to deliver innovative and essential financial services that meet the needs of SA customers."
Africa as fintech growth frontier
Revolut plans to expand further in Africa, where the success of Vodacom M-Pesa in East Africa has convinced executives in banking and telecom that the next bright growth lies in fintech, as it works towards its goal of becoming the world’s first truly global bank.
Revolut has emerged as the most successful of a handful of European digital-only challengers. Valued at $75bn, it now rivals large European lenders and is moving beyond payments and foreign exchange into mortgages and consumer lending to challenge traditional banks while also accelerating growth elsewhere in the world.
The company, which posted a more than twofold surge in pretax profit to £1.1bn for the year ended December 2024, has pledged $13bn in investments over five years to support global expansion and 10,000 jobs. It is also targeting 100-million retail customers by mid-2027 and launching in more than 30 markets by 2030.
It listed Africa alongside Latin America, Asia-Pacific and the Middle East as priority regions, while also noting other licensing progress, such as in-principle UAE payments and Asia-Pacific permits secured earlier this year.
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