Revolut Ltd, a London-based fintech company, is pursuing new licenses to operate in the Middle East. The firm aims to broaden its presence beyond its home market.

Revolut has submitted applications to the Central Bank of the United Arab Emirates (UAE) to obtain a license as an electronic-money institution and to offer remittance services. The company intends to eventually apply for a full banking license in the UAE, similar to the one it recently secured in the UK, according to Bloomberg.

Revolut Expands into UAE

Revolut has 9 million customers in the UK. The company’s move into the UAE is part of a broader strategy to expand geographically. Revolut has also entered markets in Mexico, Brazil, and New Zealand in recent months.

The company established an office in the UAE in 2022 and currently employs 140 staff members in the Dubai International Financial Center. Many of these early employees were relocated from Revolut’s offices in Ukraine due to the Russian invasion in 2022.

Nik Storonsky, Revolut’s CEO, who frequently visits Dubai, has expressed long-term goals of expanding into the Gulf region. Until now, UAE residents could not open accounts with Revolut due to the lack of necessary licenses.

Seeking Staff for UAE Office

In addition to the UAE, Revolut is exploring expansion opportunities in neighboring Saudi Arabia. Storonsky emphasized the company’s global ambitions at the Dubai Fintech Summit in May, stating: “We want to build a truly global bank.”

Revolut is currently seeking to fill several positions in the UAE, including a head of finance with at least 10 years of experience and knowledge of local tax regulations. The company is also looking for a head of legal for the region and has open roles in compliance , engineering, crypto, and product.

The UAE is a significant market for remittances and has a large expatriate population compared to Emirati nationals, according to a recent Global Partnership for Financial Inclusion report.