Revolut to Disrupt South African Banking
Revolut, a fintech disruptor, plans to launch in South Africa as part of its global expansion into emerging markets.
The South African banking sector is expected to experience further disruption with Revolut's entry into the local market.
Revolut, founded in 2015 by Nikolay Storonsky and Vlad Yatsenko, started with a prepaid card and low-fee foreign exchange services, evolving into a full-fledged financial "super app".
It offers tailored services in 160 operating markets, including a lean portfolio and full banking suite, with a business banking product featuring multi-currency accounts, corporate cards, and expense management tools.
Revolut is driving an expansion into emerging markets, following its announcement to launch a payments platform in India.
Author's summary: Revolut expands into South Africa.