British fintech company Revolut is looking to Asia to maintain its rapid growth.
Revolut now claims 25 million customers, the bulk of whom are in Europe. In three years, the company expects that figure to triple.
It is looking for help in accomplishing that aim in the Asia-Pacific (APAC) region. In Australia, Japan, and Singapore, Revolut already has operations. The article claims that it is currently thinking about expanding into New Zealand, India, and the Philippines in addition to increasing its user base in Japan from 80,000 to 1 million people.
Nik Storonsky, the founder and CEO of Revolut, asserts that the country’s banks don’t provide cutting-edge services but that “Japan is a really appealing market from a competitive point of view.”
Only 30% of transactions in Japan, compared to 94% in South Korea and 56% in the US, are said to be cashless, according to the poll.
According to the report, the company aims to grow its user base in Asia from 600,000 to at least 10 million by the end of 2025.
Revolut has also come under scrutiny from regulators in Japan, where the Financial Services Agency issued a business improvement order to the local unit after it outsourced some services and was unable to provide oversight.
“Every country was really erratic. Additionally, haphazard execution leaves some details undone “Apparently, Storonsky said. But now, entering a country is a much stricter procedure.