London-based fintech Revolut opens its business in Singapore: Here’s what you need to know

Gone are the days when you had to pay ridiculously high exchange rates and transfer fees to access financial services. This has been made possible with fintech firms across the world that provide commission-free trading, including Revolut.

Founded in 2015 by Nikolay Storonsky and Vlad Yatsenko in London, Revolut has launched its banking services in Singapore. This marks the entry of the British fintech banking app’s fourth international foray.

Provides a slew of banking services!

The fintech scaleup has over 7 million users in the UK, Europe and Australia for now. As it has launched its services in Singapore, it provides customers with access to its banking app as well as debit card. Users in the country will get many features including free-spending overseas in over 150 currencies, capped cash withdrawals, and premium accounts.

Furthermore, it adds Singaporean dollars to its existing currencies accessible to Revolut users. Last year, the company set up a regional headquarters in Singapore after receiving authorisation from financial authorities in the country. While there is 20 staff in this office, for now, the company aims to increase its team three times in the coming months.

Support for more currencies

Currently, Revolut includes support for US dollars, Australian dollars, euros, sterling, etc. And, it has announced that it will add support for 14 additional currencies, including Malaysian ringgit, Philippine pesos, Indian rupee soon as it expands its operations in more countries.

Follows Mastercard partnership

A few days back, Revolut announced that it has entered into a partnership with Mastercard to launch its debit card in the US by the end of 2019. Notably, the company has already entered into a partnership with Visa to provide debit cards in the European and Asian markets. It has announced that its deal with Visa has to lead to a significant surge in the headcount from 1,500 to 5,000 employees across the world.

UK’s Big Three!

Revolut is known as one of the UK’s Big Three in digital banking. The other fintech companies that share this space include Starling Bank and Monzo. Revolut is said to raise around $500 million funding in new equity round and reach a convertible loan of $1 billion and a valuation of $10 billion.

Commission-free trading!

Earlier this year, Revolut launched a commission-free stock trading for Metal customers letting them make up to 100 commission-free stock trades a month. This will be supported by performance data and real-time price. This way, Metal customers can make up to 100 commission-free trades per month in over 300 U.S. listed stocks on the New York Stock Exchange and NASDAQ.

Main image picture credits: Revolut

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