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Revolut, Europe’s largest digital bank, is accelerating its expansion into Morocco as part of its broader push into the Middle East and North Africa (MENA) region. The British fintech powerhouse has appointed Amine Berrada—formerly Uber’s operations director for Southern and Eastern Europe—to lead its Moroccan market entry.
Founded in 2015, Revolut now serves over 60 million customers globally and boasts a valuation of approximately USD 45 billion. The company has started building a local team in Morocco and is preparing to apply for an operating license from Bank Al-Maghrib, the country’s central bank.
“Revolut continues to assess growth opportunities in new markets as part of our global mission,” a company spokesperson told Asharq Business. “Morocco is an attractive market for us, and we see potential to deliver significant value to customers there. However, we are still in the early stages of exploration.”
Morocco joins Revolut’s shortlist of priority markets in the MENA region, alongside the UAE and Saudi Arabia. The fintech firm offers a wide range of financial services including savings, lending, investments, foreign exchange, cryptocurrency, and international money transfers.
Amine Berrada expressed his excitement in a recent LinkedIn post, writing, “Revolut is building the world’s first truly global financial superapp, and I’m proud to help launch and grow our presence in Morocco—especially in my home country, where millions can benefit from next-gen financial services.”
Revolut surpassed HSBC in customer numbers last year, helping it boost revenue by 72% to £3.1 billion (USD 4 billion). The firm processed over USD 1 trillion in customer transactions and currently supports around 36 currencies through its platform.
Backed by major investors such as SoftBank’s Vision Fund 2 and Tiger Global Management, Revolut raised $800 million in 2021. The company holds a banking license in the UK and has expanded operations across Australia, Japan, India, and Latin America. It has also been actively pursuing new licenses globally, including through acquisitions.
Reports of Revolut’s interest in Morocco have been circulating since April. Local outlet Challenge reported at the time that the firm had begun recruiting for a general manager, confirming its intent to establish a Moroccan presence. Fintech expert Adnane Messaoud noted that Revolut’s arrival could disrupt Morocco’s financial landscape, offering fee-free services, real exchange rates, and a highly intuitive app interface.
According to Andrea Bises of the Gates Foundation, Morocco’s strong economy and openness to Europe make it a natural target for international fintechs. “It’s one of Africa’s five lions,” she said. Still, Bises cautioned that the regulatory environment remains restrictive—no new foreign banking licenses have been issued in over ten years.
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Given these challenges, Revolut may pursue a hybrid entry strategy, possibly partnering with a local institution—similar to CIH Bank’s collaboration with Apple Pay. This model could help the company navigate Morocco’s regulatory hurdles while testing the market with a more focused launch. With a rising banking penetration rate, a solid regulatory framework, and a mature financial sector, Morocco presents a logical next step for Revolut after South Africa, where it has already applied for a banking license. Furthermore, the country’s large diaspora—estimated at over 5 million people—offers a promising avenue for cross-border money transfer services.
Revolut’s move aligns with Moroccan authorities’ broader goal of boosting financial inclusion by welcoming innovative fintech solutions into the local market.
