Revolut Eyes Expansion in Asia-Pacific

London-based fintech company Revolut Ltd. is prioritising its growth in the Asia-Pacific region, targeting key markets such as Australia, New Zealand, and Singapore, according to the company’s head of growth, Charlie Short.

“Accelerating Revolut’s growth in APAC markets remains a top priority,” said Short. Revolut plans to increase its regional marketing efforts and address local licensing and demand requirements. The fintech firm offers a range of financial services through its app, including payments, foreign exchange, loans, and crypto trading, with offerings tailored to each market.

Since its launch in 2015, Revolut has become one of Europe’s largest fintech companies, boasting over 40 million customers worldwide. A fund managed by Schroders Plc recently disclosed a valuation increase for its Revolut holding, suggesting an overall valuation of approximately $25.7 billion, up from $17.7 billion last year but below the $33 billion peak in 2021.

Australia stands out as a significant market for Revolut, with 600,000 customers and gross transaction volumes more than doubling to over A$680 million ($450 million) in the first quarter compared to the previous year. Revolut plans to triple its marketing expenditure in Australia, its fastest-growing market in the Asia-Pacific region.

In addition to Australia, Revolut’s app is live in New Zealand, Singapore, and Japan, with a planned launch in India. Australia has the largest user base in the region and is the “most mature” in terms of regulation and product offerings, according to Short. Since its launch in New Zealand in July 2023, the crypto service has been particularly popular, with a high percentage of users engaging with the crypto product as their first interaction with Revolut.

Despite successes in Australia and New Zealand, other markets in the region present challenges. Short highlighted the regulatory hurdles in India and Japan, where acquiring individual licenses for each product is necessary.

Revolut’s strategic focus on the Asia-Pacific region reflects its ambition to expand its global footprint and adapt to the varying regulatory landscapes and consumer demands in these diverse markets.