The London-based FinTech giant has been granted in-principal approval for licenses from the Central Bank of the UAE, Revolut announced in a Tuesday (Sept. 9) news release.
“Receiving these in-principle approvals from the Central Bank of the UAE is a pivotal step for Revolut in the region,” Ambareen Musa, CEO of Revolut’s operations in the Gulf Cooperation Council, said in the release.
The central bank’s approval covers Revolut’s applications for “Stored Value Facilities” license and a retail payment service license, the company said.
“Revolut will also ramp up hiring efforts across the UAE over the coming months,” the release said. “With its remote-first approach, the company is uniquely positioned to attract top talent from across the region, fostering flexibility, inclusion, and access to a broader, highly skilled talent pool.”
The UAE is the latest in a string of new markets for Revolut as it tries to expand its presence beyond the U.K. and Europe. The company now has operations in India, Brazil, Japan, Australia, Mexico, Singapore and New Zealand.
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It’s also looking to expand into the U.S., with reports emerging late last month that Revolut was considering hiring investment bankers to advise it on a possible acquisition of an American lender to strengthen its growth in the U.S.
A source told Bloomberg News that Revolut was mulling either acquiring a bank in the U.S., or applying for its own banking license. The company is also preparing to introduce savings products for U.S. consumers. Revolut has declined to comment on these plans.
Another U.K. digital bank, Starling, is also considering a banking license application in the U.S., though Chief Financial Officer Declan Ferguson has said an acquisition could be faster.
“We’re considering both paths, although we are probably more inclined towards acquisition,” he told the Financial Times last week.
These efforts are happening as the relationships between banks and FinTechs are becoming more closely interlinked.
PYMNTS Intelligence has shown that 62% of banks are actively exploring partnerships with FinTech firms to help their cross-border payment offerings.
“This integration signals a trend in the banking industry where collaboration with FinTech firms is becoming a key strategy for driving innovation,” PYMNTS wrote earlier this year.
