Digital challenger bank Revolut has chosen Singapore as its first entry into the Asian market. And now, after a successful beta period during which the company gained 30,000 new members and learned valuable lessons about the Singapore market and culture, Revolut is ready for business in Asia.
As of this week, Revolut Singapore customers will be able to instantly send and receive funds to and from fellow Revolut customers in Singapore, the U.K., Europe, and Australia for free. Revolut Singapore customers will also benefit from instant spending notifications, access to the real exchange rate in 150+ countries for fairer overseas spending, free international ATM withdrawals, and in-app currency exchange. PFM features like bill-splitting, round up payments, and budgeting and analytics will also be included.
“The journey to Singapore so far has been both exciting and challenging,” Revolut Head of Marketing and Communications Chad West wrote at the company blog. “For every new market into which we expand, there are different rules and regulations. The challenge for us is to build things that work as we, and our customers, want them to, while adhering to official guidelines. Not always easy, as you might imagine.”
The company’s expansion to Asia comes as Revolut fortifies its U.S. business via a partnership with Mastercard that will bring Revolut cards to the U.S. by year’s end. Other big deals for Revolut of late feature the company collaborating with Xero to enable real-time expense monitoring, teaming up with DriveWealth to offer commission-free trades to its cardholders, and working with financial API provider TrueLayer to support secure access of financial data via open banking.
This month Revolut announced that it had hired JP Morgan to manage its $500 million funding round, as well as issue the company a convertible loan for $1 billion. The company currently has more than $336 million in capital from investors including Index Ventures, Balderton Capital, DST Global, TriplePoint Capital, and Mastercard Start Path.
Founded in 2015 by Vlad Yatsenko (CTO) and Nikolay Storonsky (CEO), Revolut demonstrated its platform that same year at FinovateEurope. Since inception, the company has served more than eight million customers, and processed 350+ million transactions valued at more than $44 billion (€40 billion).