Revolut Appoints Country Head as It Prepares Strategic Entry into Moroccan Market
Marrakech, The Gulf Observer: Europe’s largest digital bank, Revolut, is moving forward with its plans to establish a presence in Morocco, appointing Amine Berrada, former Director of Operations for Uber in Southern and Eastern Europe, to lead its strategy and operations in the Kingdom.
Founded in 2015 and headquartered in London, Revolut has grown rapidly to serve 60 million customers worldwide, with a valuation of approximately $45 billion. The company has begun building a local team in Morocco in preparation to apply for a license from Bank Al-Maghrib, the country’s central bank.
In a statement to Asharq Business, a Revolut spokesperson said, “Revolut continues to explore growth opportunities in new markets as part of our mission to provide our app to customers around the world. We are evaluating the Moroccan market and consider it an attractive market, allowing us to provide unique value to customers in the future. However, we are still in the early stages of the process.”
Revolut’s expansion into Morocco comes as part of a broader strategy to grow across the Middle East and North Africa (MENA) region, with other target markets including the United Arab Emirates and Saudi Arabia. The company offers a wide range of digital financial services, including savings, deposits, loans, investments, foreign exchange, and cryptocurrency trading.
Expressing his enthusiasm, Amine Berrada said in a LinkedIn post, “Revolut is on a mission to build the world’s first truly global financial superapp, and I’m thrilled to contribute to launching and scaling its presence in Morocco. I’m especially proud to be doing this for my home country, helping bring cutting-edge financial services to millions of Moroccans.”
Revolut’s global success has been driven by its user-centric model offering fee-free services, real-time exchange rates, and a highly intuitive digital interface. In 2023, the company surpassed HSBC in total customer numbers and saw revenue grow by 72% to £3.1 billion ($4 billion). The company processed over $1 trillion in customer transactions last year and supports around 36 currencies via its platform.
Backed by major investors including SoftBank’s Vision Fund 2 and Tiger Global Management, Revolut raised $800 million in 2021 to fuel global expansion. It currently operates in countries such as Australia, Japan, India, and several Latin American markets, holding a banking license in the United Kingdom.
According to Moroccan media, Revolut began the recruitment process for a local general manager earlier this year, signaling a concrete commitment to entering the market. Fintech analyst Adnane Messaoud noted, “It’s no longer a rumor. Revolut’s arrival could seriously disrupt the ecosystem with fee-free services, real exchange rates, and a fluid interface.”
Morocco presents strong potential due to its strategic location, growing digital economy, and an estimated diaspora of over 5 million, offering significant opportunities in cross-border remittances. However, observers point out that no new foreign banking license has been granted in Morocco for more than a decade, reflecting the rigid regulatory environment.
As a result, Revolut may pursue a hybrid market entry, potentially forming a strategic partnership with a local financial institution—similar to CIH Bank’s collaboration with Apple Pay—to navigate regulatory complexities and gradually test its offerings with Moroccan consumers.
With a rising banking penetration rate, structured financial oversight, and a mature banking sector, Morocco represents a logical next step in Revolut’s African expansion, following its license application in South Africa. The government’s increasing openness to fintech is aligned with national efforts to enhance financial inclusion, making Revolut’s entry timely and potentially transformative.
