Mobile banking startup Revolut is set to hit the Asian market in the first quarter of 2019, and it says 50,000 people in the APAC region are already on the waiting list.
The London-based startup, which recently raised a $250 million in Series C funding, has secured a remittance license from Singapore’s regulators and full authorization from Japan’s FSA, hoping to grab a slice of the region’s mobile payments business.
Revolut was founded only three years ago and claims to be signing up between 6,000 and 8,000 new customers every day while projects to reach a 100 million milestone in the next five years.
Revolut has experienced significant growth since it was founded in 2015. It now has over of 3.0 million registered customers compared to less than the two million user count it announced in June.
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“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,” Revolut’s CEO Nikolay Storonsky said.
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The financial technology firm also allows its customers to buy, sell and hold cryptocurrencies. Users will also be able to transfer the virtual coins to other Revolut accounts, with the entire exchange taking just 30 seconds.
Revolut’s latest foray into the space involved a metallic card that carries a fee of £12.99 a month, or £120 a year, and offers services such as travel insurance, and booking flights and festival tickets, among others. It offers the same perks that the Premium card gives but then on top of it allows users to get cash back in cryptocurrencies.
Since launching the new version of its app in January, Revolut has seen a tremendous amount of interest, but it has since trailed off as the prices have fallen. The company revealed that 20 percent of the App users have now unlocked cryptocurrency trading, and are currently conducting 100,000 crypto exchanges every day.
Revolut, which allows people to transfer money cross-border and spend abroad in 120 currencies with no fees, also offers competitive rates on crypto transactions, charging only a flat, up-front 1.5 percent without other hidden fees. This is compared with higher fees on other platforms that the company claims can add up to five to nine percent of the transaction value.