FinTech company based in London Revolution has reportedly set its sights on the Asia-Pacific (APAC) region for its global expansion strategy.
Charlie Courthead of growth at Revolut, told Bloomberg that the company is committed to accelerating its growth in markets such as Australia, New Zealand and Singapore, according to a report. report published Friday (May 31).
Revolut offers a wide range of financial services through his applicationincluding payments, foreign exchange, lending and crypto trading, according to the report. The specific services offered vary by market. Since its launch in 2015, Revolut has amassed over 40 million customers worldwide, cementing its position as one of Europe’s largest FinTech players.
In March, a fund managed by Schröders Plc disclosed a report on its stake in Revolut, indicating a assessment of approximately $25.7 billion, according to the report. Although this valuation is below the peak of $33 billion reached during the 2021 FinTech boom, it represents growth from $17.7 billion the previous year.
Revolut is already live in several APAC countries, including Australia, New Zealand, Singapore, and Japan. The company is also planning to launch in India, according to the report.
Among these markets, Australia has the largest user base and is considered the most mature in terms of regulations and product offerings, according to the report.
Australia has been particularly successful for Revolut, boasting 600,000 customers and doubling gross transaction volumes to more than A$680 million ($450 million) in the first quarter of this year from a year earlier, according to the report. As a result, Revolut plans to triple its marketing spend in Australia, which is currently the fastest-growing market in the Asia-Pacific region.
New Zealandwhere Revolut launched in July 2023, has shown particular interest in the company’s crypto service. Short said in the report that a higher percentage of users in New Zealand engage with the crypto product during their first interaction with Revolut compared to other APAC markets. This early engagement has been an important driver of growth in the region.
However, Revolut has encountered regulatory hurdles in some APAC jurisdictions, according to the report. Short stressed the need to obtain individual licenses for each product planned in India and Japan as examples of these challenges. Nonetheless, Revolut remains committed to expanding its presence in the region.