London-based fintech firm Revolut is eyeing global expansion as it seeks to spread its reach into new regions.
The move is coming on the heels of the firm crossing the milestone of 25 million customers after seven years of operations. The firm, worth $33 billion, disclosed that it processes over $330 million in transactions monthly after diversifying its operations to include remittances and trading of digital assets.
Not resting on its laurels, the firm is keen to expand into India, New Zealand, Brazil, and Mexico in the coming months. Revolut has assembled a 400-man workforce in India and has unveiled plans to expand teams in Mexico and Brazil to 250. The company says the development into New Zealand is designed to “complement its existing operations in Australia.”
“Our mission is to unlock the power of a borderless economy, for everyone, by bringing the world’s first financial super app to all corners of the globe. This year we have made important steps in achieving this, building our teams on the ground in India, Mexico and Brazil,” said Andre Silva, Revolut’s head of international expansion.
A key piece in Revolut’s expansion goal is its plans to launch a lite version of its mobile application, “Revolut Lite.” The app will be available for users in Latin America, the Middle East, and Southeast Asia to allow users to transfer and receive funds instantaneously.
Revolut Lite is designed to be lightweight and uses a minimal amount of mobile data, which makes it perfect for use in third-world countries. The move is akin to Meta’s launch of Facebook Lite in 2014, which has been hailed as responsible for driving Facebook’s users above 1 billion.
Licensing for Revolut is important
Revolut has failed to obtain a banking license in the United Kingdom, which has sparked concern over the future of the banking app. However, the firm’s CEO Nikolay Storonsky notes that he remains optimistic that the firm will receive its license from U.K. regulators in the future.
Storonsky added that failing to obtain a banking license in the firm’s home country may negatively affect plans to obtain regulatory clearance in other jurisdictions.
“They look to your home regulator,” said Storonsky in a September interview with the Times. “Their license is subject to your home regulator’s license.”
Revolut has risen leaps and bounds, hitting the 20 million customer milestone in the summer and adding 5 million more by November. The firm has gained the bulk of its new users from Poland, Romania, and France, with each garnering a combined 1.2 million users.
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