UK fintech unicorn Revolut will launch its digital “banking alternative” in Singapore and Japan in the first quarter of next year after obtaining the requisite licenses to operate in the two countries, it said.
The startup provides a range of online financial services including an app-based current account and a multi-currency, fee-free mobile wallet that allows for domestic and international transfers, and cryptocurrency exchange.
It also offers a physical prepaid card – from either Visa or Mastercard, depending on the user’s location – that is linked to the app. Payments can be instantly recorded, viewed, and managed in-app – the idea being that users can better plan their finances.
The Monetary Authority of Singapore has granted Revolut a remittance license in addition to stored value facility approval, which is effectively an e-money license. Japan’s Financial Services Agency has given the startup a fund transfer license.
The licenses enable Revolut to handle cross-border money transfers in line with local regulations. The stored value facility will allow its app to be used for cashless payments. However, not all of the features currently available to European users – including cryptocurrency storage and trading – will make it over to Asia just yet due to regulatory issues.
Revolut has raised over US$336 million in total funding to date, and counts the likes of Hong Kong-based DST Global, London’s Balderton Capital, and US firms Index Ventures and Ribbit Capital among its investors. Following its US$250 million series C round in April, the startup was valued at US$1.7 billion.
It claims that 3.2 million users have signed up to its services across Europe, and that it has handled 245 million transactions worth a total US$32 billion to date.
Asians considering joining Revolut have had the opportunity to pre-register their interest at the startup’s website for several months. The company says that more than 100,000 people across Singapore – where it plans to locate its Asia-Pacific headquarters – and Japan, where it has struck partnerships with local players including Rakuten and Sompo Insurance, have signed up so far.
Tech in Asia has reached out to Revolut for further details on its Asia launch and will update this article as necessary.
