Revolut expands into the Gulf region, eyes UAE and Saudi Arabia markets

London-based fintech firm Revolut Ltd. is seeking to expand its operations in the Gulf, starting with license applications in the United Arab Emirates (UAE).

According to Bloomberg, the company is looking to secure a license as an electronic-money institution to offer remittance services in the region, with plans to eventually apply for a full banking license.

Revolut, which recently received a UK banking license, has set its sights on the Middle East as a key market for growth. The company already has a workforce of 140 in the UAE and is also exploring expansion into Saudi Arabia.

Revolut is also hiring for several key positions in the UAE, including finance and legal roles, as part of its broader strategy to strengthen its presence in the Gulf. This move aligns with the UK’s diplomatic efforts to boost trade with Gulf nations and follows Revolut's recent expansion into markets like Mexico, Brazil, and New Zealand.

In addition to its geographic expansion, Revolut has also listed Toncoin (TON) for trading in the UK and European Union, with plans to extend the service to other regions, including Australia, New Zealand, Brazil, and Singapore.