The fintech startup Revolut providing compliant financial assistance has expanded operations to Japan and also Singapore. This comes as no surprise since many banking and financial institutions are feeling the threat considering they could be replaced by crypto technologies.
In the current industry trend, they have to embrace the latest and the greatest to stay relevant.
“We have confidence that Revolut will continue to be a driving force as we expand globally, developing a range of exciting new services for increasingly connected consumers in APAC. It’s a huge market and we’re already seeing an incredible amount of people demanding our product.”
Revolut Chief Executive Nikolay Storonsky said in a statement Thursday.
In Japan, the company has been authorized to operate by Japan’s Finance Service Agency. According to Revolut, those approvals are enough to launch the service in those countries.
Not all features will make their way to Japan and Singapore. Regulation varies from one country to another, so the company might not be able to provide the same limits and feature set everywhere.
At launch, Revolut will focus on the electronic wallet and the payment card. You won’t be able to buy cryptocurrencies, create business accounts and more. Limits should be more or less the same in local currency equivalent. It will steadily deploy its full suite of crypto options.
In Japan, Revolut says it has already signed deals with Rakuten, Sompo Japan Insurance (SJNK) and Toppan. There would be new insurance products, special card designs and more.
More than 50,000 people in the APAC region have signed up to a waiting list to create an account with Revolut, the firm said.
Revolut has experienced significant growth since it was founded three years ago. It now has a total of 3.2 million customers registered with the app, a rise by 60% from the 2 million user count it announced earlier.
Revolut has processed 245 million transactions with a total transaction volume of more than 32 billion U.S. dollars to date. Investors have contributed a total of 336 million U.S. dollars into Revolut, with its most recent 250 million U.S. dollars funding round giving it a valuation of 1.7 billion U.S. dollars.
In the future, Revolut is looking to eventually release its app in the U.S., Canada, Australia and New Zealand.
Such groundbreaking deals should be well utilized by the people who know the potential of crypto space. We will eventually see such features mesmerize the market.