Table of Contents
TL;DR,
- Revolut fintech is expanding to Morocco with 52.5 million retail customers, £3.1 billion in 2024 revenue, and a $75 billion valuation, aiming for a full banking license within two years.
- Phased strategy—start as a payment operator in Morocco, secure a full banking license within two years, led by local executives and tight regulatory alignment.
- With a $13 billion investment fund targeting 30 new markets by 2030, Revolut fintech positions Morocco as a strategic springboard for French-speaking African expansion.
Decentralized finance, stablecoins, and digital assets are replacing standard payment systems, and Revolut fintech knows this all too well. The company has its eyes set on Africa and has started its voyage in North Africa by appointing Yacine Faqir as their new Chief Executive Officer for Morocco and Amine Berrada on board to oversee strategy and operational frameworks.
They intend to become a primary operator in Morocco, followed by pursuing a full banking license within two years. The platform is already backed by strong momentum: 52.5 million retail customers and £3.1 billion in 2024 revenue, plus a $75 billion valuation.
Now the gears have shifted, and Africa is its next stop, doubling down on regulatory engagement and local execution to compete with established digital payment players in the region, including Orange Money, Chipper Cash, and Wave.
Why Morocco, and Why Now?
Morocco offers a pragmatic springboard for digital banking in North Africa. The country’s growing fintech ecosystem and government-backed digital transformation agenda provide fertile ground for product localization and regulatory collaboration. Appointing a local CEO signals long-term intent in understanding what makes Morocco turn to fintech firms. To achieve this, the platform decided on a leader with deep regional experience to navigate regulatory processes and market dynamics.
Local leaders understand local issues; it’s a simple but effective expansion strategy.
In practical terms, Revolut will sequence its rollout to match the market’s readiness. That means launching first as a payment operator in Morocco to establish trust, distribution, and product-market fit before scaling to more advanced services. This stepwise playbook gives the company time to adapt its UX and feature set to local needs while laying groundwork for digital banking in North Africa at scale.
Pathway to a banking license: from first rails to full stack
Revolut’s entry strategy for Morocco follows a methodical, phased approach that demonstrates both ambition and regulatory pragmatism. It expects to start as a payment operator in Morocco, build relationships with Bank Al‑Maghrib, and then graduate to a full banking license within two years. Siding with regulators from the get-go is a common approach for success. For instance, Busha and Quidax started off by holding hands with Nigeria’s SEC, and today they are leading payment platforms in West Africa.
Revolut isn’t new to this. The company is already working on getting licenses in the US and the UK, which indicates that it is trying to turn more customer engagement into regulated banking services in multiple markets.
Appointing Faqir is mainly to utilize his background for navigating Morocco’s regulatory environments and his local understanding of the market to tailor their services to fit market dynamics.
Two factors strengthen this bid:
- Metrics for scale and stability: Revolut’s revenue reached £3.1 billion in 2024, and its value is now $75 billion.
- Rising primacy: The number of customers who used Revolut as their main bank grew by 59% from 2023 to 2024, which made the case for more licenses even stronger.
The company is also looking into a similar path in South Africa, where it is thinking about applying for a license. It’s a dual strategy ensuring it locks down the North and South regions in Africa.
What sets Revolut fintech apart
What differentiates international fintech companies like Revolut from these regional competitors is the breadth of service offerings wrapped into a single platform. The company offers:
- Unified, mobile-first experience with rapid iteration and data-driven optimization
- Diversified revenue streams (cards, FX, subscriptions, wealth) that reduce reliance on any one line of business
- Low customer acquisition costs fueled by organic growth
These strengths don’t guarantee success, but they do give Revolut fintech an edge as it deals with market-specific problems in North Africa. As of 2024, the company will have 65 million customers in 48 countries. The company made £3.1 billion ($4.0 billion) in sales that year, which was a 72% increase from the year before. It also made £790 million ($1.1 billion) in profit.
In 2024, the number of retail customers grew to 52.5 million. With this growth continuing, it looks like the company is still on track to reach its goal of 100 million customers by the middle of 2027. To help this growth, Revolut has set aside a $13 billion investment fund to enter 30 new markets by 2030. Africa is a big part of this geographic diversification.
Appointing Faqir is mainly to utilize his background for navigating Morocco’s regulatory environments and his local understanding of the market to tailor their services to fit market dynamics.
Morocco’s digital economy is constantly changing, but the big players are still there. For international fintech companies, two capabilities matter most: regulatory alignment and local product sensibility. Revolut’s plan to hire a regional leader, starting with a payment operator in Morocco, and make products that fit local tastes directly addresses both of these issues.
Also, getting a banking license and setting up a business in Morocco makes it possible to use the same models to grow into other French-speaking African markets, such as Tunisia, Algeria, Senegal, and Côte d’Ivoire.
The competitive stakes and what to watch
What could tip the balance?
- Regulatory traction: The most important goal is for the payment operator in Morocco to get full banking authorization within two years.
- Product-market fit: Early adopters will probably be driven by the ability to make payments across borders and the reliability of those payments.
- Regional expansion logic: Morocco’s momentum could help with sequencing into other North African hubs, while South Africa is still a possible path to follow.
