Nikolay Storonsky, CEO of Revolut

UK-based digital banking start-up Revolut has achieved another milestone as it prepares for its expansion into Asia, its first expansion outside of Europe. Revolut has acquired a remittance licence from the Monetary Authority of Singapore, the country’s central bank and financial regulatory body, and full authorization from Japan’s Financial Services Agency.

This sets up stage for Revolut’s APAC expansion with Singapore as its regional HQ, with an expected launch in Q1 2019. More than 50,000 customers have already signed up to be on the waitlist to create an account with Revolut, more than a quarter before launch.

Revolut offers digital banking services including prepaid debit card, current account, cryptocurrency trading, and unlimited foreign exchange transactions to over 3.2 million customers in UK and Europe, and has been adding new features such as machine learning enabled fraud detection, with more launches such as a commission-free trading platform in development. This represents a 60 percent growth from 2 million user count reported in June 2018. Revoliut has processed over 245 million transactions with a total transaction volume of more than $32 billion to date.

“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 Chief Executive Nikolay Storonsky said in a statement Thursday.

“It’s a huge market and we’re already seeing an incredible amount of people demanding our product.”

Revolut is already active working with Monetary Authority of Singapore on an upcoming Payment Services Bill that aims to streamline payments regulation under a single legislation. This bill will facilitate cross-border transactions, and enable Revolut to hold its clients’ money. In Japan, Revolut is partnering with some of the prominent Japanese firms such as Rakuten and Toppan.

Having secured $250 million in Series C funding in late April 2018, Revolut achieved a five-fold increase in valuation within a year to reach $1.7 billion. This was driven by the fact that the firm already broke even in December 2017, and reported a transaction volume surge of 700% over the previous 12 months. For comparison, TransferWise, took seven years to accrue three million customers, as opposed to Revolut’s three.

This funding has enabled Revolut to execute its APAC expansion, and its planned expansions in Australia, New Zealand, Hong Kong, US and Canada in the future.

by Devansh Patel
Lead Analyst, Research Team,