Revolut now boasts 25 million subscribers, predominantly in Europe, and plans to triple that number over the next three years.
The Asia-Pacific (APAC) region will assist in achieving this objective. Already operational in Japan, Australia, and Singapore, Revolut is also present in Singapore. According to the article, it is considering expanding into New Zealand, India, and the Philippines and increasing its user base in Japan from 80,000 to 1 million.
“From a competition point of view, Japan is a really attractive market,” Nik Storonsky, founder and CEO of Revolut, said in an interview with Bloomberg, adding that the country’s banks do not provide current services.
According to the survey, the proportion of cashless transactions in Japan is just 30%, 94% in South Korea and 56% in the United States.
According to the study, the firm plans to increase its user base in Asia from 600,000 to at least 10 million by the end of 2025.
According to the article, Japan’s Financial Activities Agency slapped a business improvement order on Revolut’s local unit after the company outsourced some services and could not provide control.
“Every single country was quite ad hoc. And when things are ad hoc, certain things are being missed,” Storonsky said, per the report. “But, launching in a country is a much more robust process.”
Revolut was formed in 2015, offers services in 36 countries, and now offers money transfers, peer-to-peer payments, savings, investments, and trading. Recently, the firm launched on-demand pay in the United Kingdom and customized loans in Ireland.
