London-based fintech giant Revolut is reportedly eyeing an expansion into South Africa, with the potential to impact the nation’s digital banking sector. With a global customer base exceeding 50 million and a valuation of $45 billion as of August 2024, Revolut’s entry would introduce a new level of competition to the market (Fintech News Africa, 2025).
A Diverse Product Offering
South Africa’s existing digital banks, primarily focus on personal banking, while Revolut offers a broader range of services. These include multi-currency accounts, fee-free currency exchange, stock and commodity trading, and even cryptocurrency trading (TechCentral, 2025). Additionally, Revolut provides business banking services, insurance, and lifestyle perks like travel and device insurance, as well as airport lounge access.
Global Footprint and Success
Revolut’s expansion strategy has achieved notable success across several markets. In Europe, it has become a dominant financial platform, especially in countries like Ireland, where over 2 million people – almost half the population – now use the app (This Week in Fintech, 2024). Revolut has also cemented its status as a fintech leader in Asia, expanding services in Singapore and Southeast Asia with new wealth and multi-currency offerings (The Asian Banker, 2024).
The company’s global footprint extends to Australia, where it reported record profits in 2024, reflecting a broader trend of international profitability and operational maturity (Security Brief Australia, 2024). Beyond scale, Revolut’s agility and customer-centric model have positioned it as an alternative to traditional banks. Analysts argue that legacy institutions can learn from its lessons in design, transparency, and speed of innovation (Finance Magnates, 2024).
In 2024, Revolut experienced significant growth, with monthly transactions rising by 59% from 590 million in 2023 to 940 million. Customer balances increased by 66%, from £18.2 billion to £30.2 billion. The company aims to reach 100 million customers across 100 countries, reflecting its ambition to become a global financial super-app (Payment Expert, 2025).
Strategic Moves and Local Presence
To establish a foothold in South Africa, Revolut has applied for a full banking license from the South African Reserve Bank (Techpoint Africa, 2025). The company has also appointed Tom Morrison as Head of Strategy & Operations in South Africa, indicating a commitment to building a local presence (Fintech Magazine Africa, 2025). While they are in the early stages of evaluating the market, their expansion plans suggest they intend to offer a full suite of financial services, including those that involve investments and trading.
Competitive Landscape
Revolut’s potential entry comes at a time when South Africa’s fintech sector is gaining global attention. The market’s attractiveness stems from its relatively high banking penetration – about 85% of adults have accounts – combined with a growing demand for innovative, cost-effective financial solutions (Technext24, 2025).
However, Revolut will face stiff competition. TymeBank, the country’s first fully digital bank, has achieved a $1.5 billion valuation as of December 2024, bolstered by a $150 million investment from Nubank, the world’s largest standalone digital bank (Fintech News Africa, 2025). TymeBank, which targets the lower end of the market, has amassed over 10 million customers since its launch in 2019.
Discovery Bank, South Africa’s first behavioural bank, operates as a fully digital offering and targets middle to upper income clients. It surpassed one million clients by September 2024 and offers a comprehensive suite of financial services. Notably, Discovery partnered with EasyEquities in 2022 to enable local and international share trading directly through its app, thereby competing directly with Revolut’s investment features (News24, 2022).
Regulatory and Operational Challenges
Securing a banking license from the South African Reserve Bank is a complex process, and Revolut’s lack of physical infrastructure, unlike TymeBank’s retail partnerships, could hinder its appeal in a market where cash remains prevalent (Technext24, 2025). Additionally, regulatory scrutiny around cryptocurrency and data privacy could complicate its rollout.
Potential Impact on the Market
Revolut’s prospective launch could significantly disrupt South Africa’s fintech ecosystem. Its extensive product range could pressure local digital banks to diversify beyond personal banking. TymeBank and Bank Zero, which have focused on affordability and accessibility, may need to enhance their offerings to compete with Revolut’s multi-currency and investment options.
Moreover, a successful South African launch could serve as a springboard for Revolut’s expansion across Africa, a continent with a young, mobile-first population and a growing fintech environment. Currently, African users can access limited Revolut services without a local banking license, but a full-fledged operation in South Africa could unlock new growth avenues (Fintech News Africa, 2025).
Conclusion
Revolut’s potential entry into South Africa represents a significant development in the country’s financial sector. While challenges exist, including stagnant economic growth, regulatory hurdles and established competition, the move could offer consumers more choices and drive innovation in digital banking services. As the situation unfolds, stakeholders will be watching closely to see how Revolut navigates the complexities of the South African landscape and whether it can replicate its global success on the African continent.
References
- Finance Magnates. (2024). 10 Lessons Traditional Banks Can Learn from Revolut’s Success. Available at: https://www.financemagnates.com/fintech/payments/10-lessons-traditional-banks-can-learn-from-revoluts-success/
- Fintech Magazine Africa. (2025). Digital Banking Giant Revolut Eyes South Africa, Prepares for Market Entry. Available at: https://fintechmagazine.africa/2025/03/12/digital-banking-giant-revolut-eyes-south-africa-prepares-for-market-entry/
- Fintech News Africa. (2025). Revolut Eyes South Africa, Challenging Local Digital Banks. Available at: https://fintechnews.africa/44855/fintech-south-africa/revolut-south-africa-expansion/
- News24. (2022). Share Trading Now Available for Discovery Bank Clients Through EasyEquities. Available at: https://www.news24.com/fin24/partnercontent/share-trading-now-available-for-discovery-bank-clients-through-easyequities-20221017-3
- Payment Expert. (2025). Revolut’s 2024 Growth Seeks for 100M Customers in 100 Countries. Available at: https://paymentexpert.com/2025/04/24/revoluts-2024-growth-seeks-for-100-customers-in-100-countries/
- Security Brief Australia. (2024). Revolut Reports Record Profits in Australia, Globally for 2024. Available at: https://securitybrief.com.au/story/revolut-reports-record-profits-in-australia-globally-for-2024
- TechCentral. (2025). Digital Bank Revolut Is Eyeing a South African Launch. Available at: https://techcentral.co.za/digital-bank-revolut-south-african-launch/260414/
- Techpoint Africa. (2025). Revolut Eyes South African Market. Available at: https://techpoint.africa/news/revolut-south-africa-banking-license/
- Technext24. (2025). UK’s Revolut Targets South Africa’s Growing Fintech Market. Available at: https://technext24.com/2025/03/10/revolut-uk-targets-south-africa-fintech/
- The Asian Banker. (2024). Revolut Expands in Singapore and Southeast Asia with Wealth and Multi-Currency Services. Available at: https://www.theasianbanker.com/updates-and-articles/revolut-expands-in-singapore-and-southeast-asia-with-wealth-and-multi-currency-services
- This Week in Fintech. (2024). When an Entire Country Turns to Fintech: Ireland’s Revolut Phenomenon. Available at: https://www.thisweekinfintech.com/when-an-entire-country-turns-to-fintech-irelands-revolut-phenomenon-2/
