British fintech giant Revolut is preparing to launch in Morocco after submitting regulatory approval applications to Bank Al-Maghrib, signaling its imminent entry into North Africa’s digital economy. The move would make Morocco a key hub for the neobank’s Middle East and North Africa expansion.
By the Numbers
Revolut’s expansion is backed by its massive scale and strong financial performance:
- ~€41 Billion: Revolut’s current valuation.
- ~60 Million Customers: The company’s worldwide user base.
- €2.1 Billion: The company’s revenue in 2023, nearly double the previous year.
- €400 Million: The company’s profit in 2023.
A Strategic Entry into North Africa
The move into Morocco is seen as a strategic entry point for Revolut’s broader MENA operations. In preparation for the launch, the company has already appointed its first Morocco country director, an executive from the international tech sector, and has begun recruitment efforts. Final approval from Bank Al-Maghrib is the last step before operations can begin.
A Model Built for the Digital Economy
Founded in 2015, Revolut has redefined European banking with a suite of digital-first services. Its platform offers instant account setup, zero-fee international transfers, multi-currency cards, and investment tools spanning stocks and cryptocurrencies. Operating entirely digitally, the company prioritizes user experience and transparency, free from the constraints of legacy banking infrastructure.
Targeting a Gap in the Market
Morocco’s banking sector, while investing in digital upgrades, still has gaps in its service offerings, especially for young professionals, freelancers, and urban millennials seeking affordable and flexible services. Analysts suggest Revolut’s zero-fee model and seamless mobile platform could rapidly win market share in this segment, intensifying competition and pushing incumbent banks toward faster digitalization.
Source: MEA Tech Watch
