Revolut, the London-based financial technology powerhouse offering free and subscription-based digital banking services via its mobile app, is gearing up to enter the South African market as part of its ambitious global growth strategy.
Founded in 2015 by Nikolay Storonsky and Vlad Yatsenko, Revolut has rapidly evolved into one of the world’s most prominent fintech firms. Today, it operates in 48 countries, serving 65 million customers, and its long-term vision is clear: to build a truly global bank delivering seamless financial services through a single platform.
Revolut’s product suite spans domestic and international transfers, debit and credit cards, stock and cryptocurrency trading, as well as traditional banking services like savings accounts and loans. The company first announced its South African expansion plans on 23 September 2025 during the launch of its new global headquarters in London.
To establish a licensed banking presence in South Africa, Revolut has submitted its Section 12 application to the Reserve Bank’s Prudential Authority. It has also appointed Dr. Gaby Magomola, former CEO of African Bank and seasoned banking executive with leadership experience at Citibank, Barclays, and FNB, as Chairman of Revolut South Africa. Magomola recently stepped down as Deputy Chairman of the Development Bank of Southern Africa.
The company said.
His appointment marks an important milestone in Revolut’s commitment to growth, innovation, and access in South Africa’s evolving financial landscape.
Revolut South Africa CEO Jacque Meyer 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 South Africans.
The move positions Revolut to compete directly with Capitec, South Africa’s leading low-cost banking provider, and other established players.
Valuation Soars to $75 Billion After Secondary Share Sale
On 24 November 2025, Revolut announced the completion of a secondary share sale that values the company at $75 billion, a 66% increase from last year. The transaction was led by major investors including Coatue, Greenoaks, Dragoneer, and Fidelity, with participation from Andreessen Horowitz and Franklin Templeton.
This valuation makes Revolut Europe’s most valuable fintech company, surpassing the market capitalization of traditional banking giants such as Barclays, Societe Generale, and Deutsche Bank. It also highlights the meteoric rise of Revolut, which was valued at $45 billion in 2024 and $33 billion in 2021.
“I’d like to thank our team for their determination and energy, and for believing that it is possible to build a global financial and technology leader from Europe,” said CEO Storonsky. He emphasized that securing a full UK banking license remains the company’s top priority.
Challenges and Future Outlook
Despite its success, analysts note that Revolut still derives a significant portion of revenue from cryptocurrency trading and interest income, while average customer deposits remain lower than traditional banks. Few customers currently use Revolut as their primary account, a gap the company aims to close by expanding into consumer credit, mortgages, and business loans.
With its South African entry and soaring valuation, Revolut is positioning itself as a formidable challenger to traditional banking models worldwide.
