Revolut, a British fintech firm, is turning to Asia to sustain its explosive expansion.
Revolut now boasts 25 million users, the majority of whom are in Europe, and wants to treble that number in three years.
The Asia-Pacific (APAC) region is where it is searching for assistance in achieving that goal. Revolut already has operations in Singapore, Australia, and Japan. According to the article, it is currently considering boosting its user base in Japan from 80,000 to 1 million people as well as entering New Zealand, India, and the Philippines.
According to Nik Storonsky, founder and CEO of Revolut, “Japan is a really appealing market from a competitive point of view,” adding that the nation’s banks don’t offer cutting-edge services.
According to the survey, just 30% of transactions are cashless in Japan, compared to 94% in South Korea and 56% in the US.
By the end of 2025, the firm wants to increase its user base in Asia from 600,000 to at least 10 million, according to the article.
In Japan, where the Financial Services Agency imposed a business improvement order on Revolut’s local unit after the unit outsourced some services and was unable to provide oversight, Revolut has also come under scrutiny from regulators there.
“Every single nation was incredibly haphazard. And when things are done haphazardly, certain things are overlooked,” Storonsky reportedly stated. Launching in a nation is now a much more rigorous process, though.
