British Fintech Revolut Views Asia Pacific as Key for Expansion

The Asia-Pacific region is one of the keys for global expansion at London-based Revolut Ltd., including markets such as Australia, New Zealand and Singapore, according to the fintech company’s head of growth.

Bloomberg
First Published31 May 2024
British Fintech Revolut Views Asia Pacific as Key for Expansion
British Fintech Revolut Views Asia Pacific as Key for Expansion

(Bloomberg) -- The Asia-Pacific region is one of the keys for global expansion at London-based Revolut Ltd., 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 in an interview, 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 Plc disclosed a writeup for its Revolut holding on March 28. While the Schroders stake is small, the move implied an overall valuation of about $25.7 billion, up from $17.7 billion last year but below the $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 ($450 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. 

In New Zealand, Revolut launched in July 2023 and the crypto service has been popular, Short said. “We’re 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.

More stories like this are available on bloomberg.com

©2024 Bloomberg L.P.

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