Europe's Largest Digital Bank Revolut Sets Sights on Morocco
Revolut, founded in 2015, serves 60 million customers worldwide and has recently been valued at approximately $45 billion. The company has begun forming a team in Morocco in preparation to apply for a license from Bank Al-Maghrib, the country's central bank.
'Revolut continues to explore growth opportunities in new markets as part of our mission to provide our app to customers around the world,' a spokesperson told Asharq Business via email, in a report published on Sunday.
'We are evaluating the Moroccan market and consider it an attractive market, allowing us to provide unique value to customers in the future. However, we are still in the early stages of the process,' they added.
The London-based fintech company has included Morocco among its target countries for expansion in the Middle East and North Africa region, alongside the UAE and Saudi Arabia. Revolut offers savings, deposit, borrowing, and investment services globally, as well as foreign exchange, cryptocurrency, and various other financial products.
Amine Berrada, who was appointed this month, expressed his enthusiasm in a LinkedIn post: 'Revolut is on a mission to build the world's first truly global financial superapp, and I'm thrilled to contribute to launching and scaling its presence in Morocco.'
'I'm especially proud to be doing this for my home country, helping bring cutting-edge financial services to millions of Moroccans,' he continued.
Last year, Revolut surpassed HSBC in customer numbers, helping the company increase its revenue by 72% to £3.1 billion ($4 billion). The fintech giant processed over $1 trillion in customer transactions last year. The company currently supports approximately 36 currencies through its application.
Revolut has been actively seeking new permits in various countries worldwide, including through acquisitions. The company already holds a banking license in the United Kingdom and operates in Australia, Japan, India, and Latin America.
The fintech firm is backed by SoftBank Group, having raised $800 million from investors in 2021, including from SoftBank's Vision Fund 2 and Tiger Global Management.
Since April, there have been multiple reports suggesting Revolut's interest in the Moroccan market. According to Challenge magazine, the company had begun the recruitment process for a local general manager at that time.
'It's no longer a rumor,' fintech expert Adnane Messaoud told Challenge, suggesting that Revolut's arrival could seriously disrupt the ecosystem with fee-free services, real exchange rates, and a fluid interface.
Morocco's appeal to giants like Revolut is understandable. Andrea Bises, a regulatory markets specialist for the Gates Foundation, explained to Challenge that 'the Kingdom is among Africa's five lions, with a stable economy and strategic openness to Europe.'
However, he warned that 'the regulatory framework is still rigid. No new foreign banking license has been issued for more than a decade.'
In this context, Revolut might opt for a hybrid model by forming a strategic partnership with a local bank, similar to CIH Bank's partnership with Apple Pay. This approach could help navigate regulatory complexities while testing the market with a targeted audience.
Morocco's growing banking penetration rate, structured regulator, and mature banking sector make it a logical next step after South Africa, where Revolut has already applied for a banking license.
The Moroccan diaspora abroad, estimated at over 5 million people, represents an important remittance corridor that Revolut could leverage with its cross-border money transfer solutions.
Revolut's interest in the North African country comes as authorities are seeking to encourage fintech companies to contribute to enhancing financial inclusion in the country.
Read also: Bank Account Ownership in Morocco Reaches 58% in 2024 Tags: Banking sectorRevolut
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