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THE Asia-Pacific region is one of the keys for global expansion at London-based Revolut, including markets such as Australia, New Zealand and Singapore, according to the fintech company’s head of growth.
“Accelerating Revolut’s growth in Apac markets remains a top priority,” Charlie Short said, adding the firm plans a regional marketing push and is focused on meeting local licensing and demand needs.
Revolut offers an array of financial services through its app, including payments, foreign exchange, loans and crypto trading, with the exact mix varying market by market. It is one of Europe’s largest fintech players, having amassed more than 40 million customers globally since launching in 2015.
A fund managed by Schroders disclosed a writeup for its Revolut holding on Mar 28. While the Schroders stake is small, the move implied an overall valuation of about US$25.7 billion, up from US$17.7 billion last year but below the US$33 billion achieved in 2021 around the peak of the fintech boom.
A spokesperson said Australia is a bright spot, spanning 600,000 customers and a doubling in gross transaction volumes to more than A$680 million (S$609 million) in the first quarter from a year earlier. Revolut plans to triple some marketing expenditure in Australia, its fastest-growing Asia-Pacific market.
In Asia, the app is live in Australia, New Zealand, Singapore and Japan, with a planned launch in India to come. Regionally, Australia has the biggest total user base and is the “most mature” in terms of regulation and product, Short said.
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In New Zealand, Revolut launched in July 2023 and the crypto service has been popular, Short said. “We are seeing a higher percentage of users engaging with the crypto product as their first interaction with Revolut,” he added. “A lot of early engagement, a lot of adoption, more so than any other market in Apac.”
Other jurisdictions in the region have been harder to crack. Short, who is based in Sydney, pointed to the need to acquire individual licenses for each planned product in India and Japan as examples of regulatory hurdles. BLOOMBERG
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