Revolut Eyes South African Market Entry, Potentially Disrupting Digital Banking Landscape

London-based digital bank Revolut, valued at $45 billion, is considering launching in South Africa, potentially intensifying competition in the digital banking sector. Revolut's broader service range, including multi-currency accounts, currency exchange, and stock trading, could challenge existing digital banks like TymeBank and Discovery Bank, as well as traditional institutions. While Revolut evaluates the market, its entry could significantly alter South Africa's banking landscape, potentially serving as a launchpad for further expansion into Africa. TymeBank, valued at $1.5 billion, recently secured investment from Nubank, signaling increased competition in the region. Discovery Bank has also made strides in the digital banking market, offering services similar to Revolut. Revolut aims to expand its customer base to 100 million and become the primary bank of choice for its users.