London-based FinTech company Revolut has reportedly set its sights on the Asia-Pacific (APAC) region for its global expansion strategy.
Charlie Short, head of growth at Revolut, told Bloomberg the company is committed to accelerating growth in markets such as Australia, New Zealand and Singapore, according to a report posted Friday (May 31).
Revolut offers a wide range of financial services through its app, including payments, foreign exchange, loansand crypto trading, according to the report. The specific services offered vary depending on the market. Since its launch in 2015, Revolut has amassed over 40 million customers worldwide, solidifying its position as one of Europe’s largest FinTech players.
In March, a fund managed by Schroders Plc disclosed a writeup for its Revolut holding, indicating a valuation of approximately $25.7 billion, the report said. While this valuation falls short of the peak of $33 billionachieved during the FinTech boom in 2021, it represents growth from the previous year’s $17.7 billion.
Revolut is already operational in several APAC countries, including Australia, New Zealand, Singapore and Japan. The company also has plans to launch in India, per the report.
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 volumes to over $680 million Australian dollars ($450 million) in the first quarter of this year compared to a year earlier, the report said. As a result, Revolut plans to triple its marketing expenditure in Australia, which currently serves as its fastest-growing market in the Asia-Pacific region.
New Zealand, 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 engage with the crypto product as their first interaction with Revolut compared to other APAC markets. This early engagement has been a significant driver of growth in the region.
However, Revolut has encountered regulatory obstacles in some APAC jurisdictions, per the report. Short highlighted the need to obtain individual licenses for each planned product in India and Japan as examples of these challenges. Nevertheless, Revolut remains committed to expanding its presence in the region.
