Top international bank taking on Capitec in South Africa
Britain’s Revolut, which offers free and subscription-based digital banking services through its mobile app, is set to launch in South Africa.
Revolut was founded in July 2025 by Nikolay Storonsky and Vlad Yatsenko and is headquartered in London.
The financial technology company operates in over 48 countries and has 65 million customers. However, this is only the start.
Revolut’s long-term goal is to build a truly global bank that services customers worldwide via a single, seamless platform.
Its features include domestic and international bank transfers, debit and credit cards, stock and crypto trading, as well as traditional savings accounts and loans.
As part of its global expansion plans, Revolut is preparing to launch banking and other fintech services in South Africa.
It first announced these plans on 23 September 2025 at the launch of its new global headquarters in London.
It recently submitted its Section 12 application with the Reserve Bank’s Prudential Authority as part of establishing a licensed bank in South Africa.
It has also appointed former African Bank CEO Dr Gaby Magomola as the chairman of its South African bank.
Magomola has held senior executive positions at Citibank, Barclays, FNB, and is a former CEO of African Bank.
He recently stepped down as the deputy chairman of the Development Bank of Southern Africa.
“His appointment marks an important milestone in Revolut’s commitment to growth, innovation, and access in South Africa’s evolving financial landscape,” it said.
Revolut South Africa CEO Jacque Meyer said Magomola’s experience is invaluable as they deepen their commitment to the South African market.
“Becoming a licensed bank will allow us to bring a full suite of products to the market and ensure we become the go-to financial app for South Africans,” Meyer said.
Revolut will compete head-on with Capitec, which offers affordable banking services to millions of South Africans.
Revolut valued at $75 billion
Britain’s Revolut said on Monday, 24 November 2025, it had completed a secondary share sale valuing it at $75 billion.
This represents a 66% increase from last year and underscores the rapid growth of Europe’s most valuable financial technology company.
Revolut said the sale was led by investors Coatue, Greenoaks, Dragoneer and Fidelity, while other participants included Andreessen Horowitz and Franklin Templeton.
The valuation, albeit secured in private rather than public markets, makes the 10-year-old business worth more than many publicly listed banks.
Revolut’s valuation is higher than the market cap of Britain’s Barclays, France’s Societe Generale, and Germany’s Deutsche Bank.
It is the most successful of a handful of financial services apps, or “fintechs”, to have emerged across Europe in the last decade.
Revolut’s valuation has soared. It was valued at $45 billion last year and $33 billion in 2021, minting a fortune for its early employees and investors.
In a statement, the company said this was the fifth time it had offered employees the opportunity to sell shares.
“I’d like to thank our team for their determination and energy, and for believing that it is possible to build a global financial and technology leader from Europe,” said Storonsky.
He added that his number one priority is to get Revolut a full banking licence in the UK, which still eludes the company, even after a multi-year effort.
Analysts say that Revolut’s financial technology and banking services have significant appeal to customers worldwide.
However, it still generates a substantial portion of its revenue from customers trading cryptocurrencies and from the income earned through higher interest rates.
The average customer deposits are much lower than at traditional banks, and executives acknowledge that too few customers use it as their primary account.
Revolut now aims to compete with major traditional lenders in offering consumer credit, mortgages, and eventually, business loans.
Loading ...