Revolut secures full UAE central bank licences, completing its regulatory path to launch

Revolut has received its Stored Value Facilities and Retail Payment Services (Category II) licences from the Central Bank of the UAE, completing its regulatory licensing process in the country.

The approval follows the in-principle approval the central bank granted in September 2025 for the same two licences. Revolut said its focus now shifts to building out its technology, operations and local capabilities before a full-scale launch, for which it has not announced a date.

Once live, UAE customers will be able to hold and manage multiple currencies, make payments with physical and virtual cards, and send money locally and internationally through the app.

The licences will let Revolut serve the UAE's large international population, where residents frequently manage money across multiple currencies and countries.

Mohammad Abdulrahman Alhawi, Undersecretary at the UAE Ministry of Investment, said the approval adds to the depth of the country's financial services ecosystem and reflects its growing international presence.

The UAE operation is led by Ambareen Musa, Revolut's GCC CEO and the founder of Souqalmal and Yabi, who joined in October 2024 with launch readiness as her first mission. The company has expanded its local team and invested in infrastructure, governance and compliance frameworks since receiving in-principle approval, and is hiring a head of growth for the country.

Founded in 2015 and led by CEO Nik Storonsky, Revolut has around 75 million users worldwide. The company secured full UK banking authorisation recently, has rolled out in Mexico, applied for a US banking charter, and is weighing a share sale at a $115 billion valuation.

The UAE licence forms part of a broader regional push. Revolut has been in talks to acquire Turkish digital bank FUPS to enter that market, and is building a Casablanca team ahead of a licence application in Morocco, targeting the country's remittance corridor.