“Revolut” Paves the Way for Entry into the Moroccan Market and Appoints Local Operations Director
Revolut, the largest digital bank in Europe, has begun practical steps to enter the Moroccan market by forming a local team in preparation for submitting a licensing application to Bank Al-Maghrib.
The British company, headquartered in London, continues to implement its expansion strategy towards the Middle East and North Africa, with a particular focus on Morocco, the UAE, and Saudi Arabia. Revolut offers a range of digital financial services, including savings, loans, trading, currency exchange, cryptocurrency, and electronic payments.
A spokesperson for the company stated to “Al-Sharq” that “Revolut is exploring expansion opportunities in Morocco, with a vision to bring the financial application to new markets,” emphasizing that “negotiations are still in the early stages.”
The number of Revolut users has surpassed 60 million, and the services are available in 36 currencies. In just one year, it processed financial transactions exceeding one trillion dollars. Its current market valuation is approximately $45 billion, making it one of the fastest-growing fintech companies globally.
To manage its entry into Morocco, Revolut has appointed Amin Barada as responsible for strategy and operations. Barada previously served as Operations Director at Uber in Southern and Eastern Europe and wrote on LinkedIn that “Revolut aims to build the first comprehensive financial application, and I am pleased to contribute to its launch and development in Morocco to provide modern financial services to Moroccans.”
