Mobile banking startup Revolut has secured licenses in Japan and Singapore. Established only three years ago, the London-based startup now has over three million customers and claims to register between 6,000 and 8,000 new members every day. The decision to expand to Japan and Singapore is strategic, as it will allow the company to enter a region that has adopted a Crypto-friendly policy.
Revolut To Be Available In Japan and Singapore Soon
A London-based startup Revolut has announced that it is planning to enter the APAC region in the first quarter of next year. The mobile banking startup has already received full authorization from Japan’s Financial Services Agency (FSA) and a remittance license from regulators in Singapore. The company is now in a position to get a share of the regions mobile payments market.
Revult was established in 2015. In June, its customer base had reached two million users but has now surpassed three million. The mobile banking startup claims to register between 6,000 and 8,000 new users on daily basis. In the next five years, the company projects to reach 100 million users.
Revolut Optimistic On The Asian Market
Revolut has revealed that it has over 50,000 applicants on its waiting list in the APAC region. This demonstrates how the Asian market is eagerly waiting for its services that will be available from the first quarter of 2019. The company recently held a Series C funding that raised $250 million.
Revolut’s CEO Nikolay Storonsky recently expressed optimism on the newfound market. He said that the company is planning to continue developing exciting new services for customers in the APAC region and beyond. Japan has one of the largest Crypto markets in the world making it attractive to companies in the sector. Singapore has also emerged an important market with a local-based consortium acquiring Bithumb, the largest Cryptocurrency exchange in South Korea.
About Revolut Financial Technology Firm
Revolut allows its customers to send money worldwide in 120 currencies without fees. Crypto traders can purchase, sell, and hold different Cryptocurrencies on the platform at a competitive flat rate of just 1.5 percent. There are no other hidden fees. This makes the company among the cheapest for Crypto traders given that some exchanges charge as much as nine percent of the transaction amount. Users on this platform can send digital assets to the other Revolut accounts in just 30 seconds.
Revolut recently introduced a metallic card accessible at only £12.99 per month or £120 per annum. Some of the services the card offers include booking festival and flights tickets, and travel insurance among others. On top of this, the cardholders can also cash back in virtual currencies.
At the beginning of this year, the company introduced a new version of its app that attracted a lot of interest. The number of Crypto users on the platform has been increasing since the introduction of the app. The company recently revealed that about 100,000 Crypto exchanges take place on the platform every day. About one in five users of the app users have unlocked digital asset trading according to the company.