Revolut Ltd., the London-based fintech powerhouse, is setting its sights on the Asia-Pacific region as a cornerstone of its global expansion strategy. Key markets in this region include Australia, New Zealand, and Singapore, according to Charlie Short, the company’s head of growth.
In an interview, Short highlighted the company’s focus on accelerating its growth in APAC markets. “Accelerating Revolut’s growth in APAC markets remains a top priority,” he stated, emphasizing a significant regional marketing campaign and a commitment to meeting local licensing requirements and market demands.
Revolut, which launched in 2015, offers a diverse array of financial services through its app. These include payments, foreign exchange, loans, and crypto trading, tailored to the needs of each market. As one of Europe’s leading fintech firms, Revolut has garnered over 40 million customers worldwide.
A recent update from a fund managed by Schroders Plc on March 28 revealed a write-up of its Revolut holding, suggesting an overall valuation of approximately $25.7 billion. This is an increase from last year’s $17.7 billion valuation, though it remains below the $33 billion peak during the 2021 fintech boom.
Australia stands out as a significant market for Revolut, boasting 600,000 customers and a doubling of gross transaction volumes to over A$680 million ($450 million) in the first quarter compared to the previous year. The company plans to triple its marketing expenditure in Australia, marking it as the fastest-growing market in the Asia-Pacific region.
Currently, Revolut’s app is operational in Australia, New Zealand, Singapore, and Japan, with plans to launch in India. Among these, Australia has the largest user base and is considered the most advanced in terms of regulation and product offerings, according to Short.
Since launching in New Zealand in July 2023, Revolut has seen significant engagement with its crypto service. “We’re seeing a higher percentage of users engaging with the crypto product as their first interaction with Revolut,” Short noted. “A lot of early engagement, a lot of adoption, more so than any other market in APAC.”
However, expanding in other jurisdictions within the region presents challenges. Short, who is based in Sydney, cited the need for individual licenses for each planned product in countries like India and Japan as notable regulatory hurdles.
This article is based on information originally reported by Bloomberg.