Fintech
Revolut expands into Asia-Pacific and aims for success in Australia
FinTech company based in London Revolution It has reportedly set its sights on the Asia-Pacific (APAC) region for its global expansion strategy.
Charlie ShortRevolut’s head of growth, told Bloomberg that the company is committed to accelerating growth in markets such as Australia, New Zealand and Singapore, according to a relationship published Friday (May 31).
Revolut offers a wide range of financial services through his app, including payments, foreign exchange, lending and cryptocurrency 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 the largest FinTech operators in Europe.
In March, a fund managed by Schroders Plc revealed a revaluation of its stake in Revolut, indicating a assessment of about $25.7 billion, the report said. While this valuation is lower than the peak of $33 billion reached during the FinTech boom in 2021, it represents growth from $17.7 billion the previous year.
Revolut is already operational in several APAC countries, including Australia, New Zealand, Singapore and Japan. According to the report, the company is also planning to launch in India.
Among these markets, Australia has the largest user base and is considered the most mature in terms of regulation and product offerings, according to the report.
Australia has been particularly successful for Revolut, boasting 600,000 customers and doubling gross transaction volume to more than A$680 million ($450 million) in the first quarter of this year compared to the previous year, says the relationship. 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 Zeland, where 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 use the crypto product as their first interaction with Revolut compared to other APAC markets. This early commitment has been a significant driver of growth in the region.
However, Revolut has encountered regulatory hurdles in some APAC jurisdictions, according to the report. Short emphasized the need to obtain individual licenses for each product planned in India and Japan as examples of these challenges. However, Revolut remains committed to expanding its presence in the region.