Revolut Launches in Japan, Continues International Expansion

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In Brief
  • The fintech company Revolut has launched its services to users in Japan.

  • The London-based company will offer users international transfers and the ability to deal in 23 currencies.

  • The move is part of Revolut's aggressive growth plans.

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One of the marquee names in fintech, Revolut, has announced the launch of its service in Japan.

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According to a tweet posted on Sep 8, the cryptocurrency-friendly application is expanding into another significant market.

The announcement came after Revolut conducted beta testing on 10,000 users. Now, anyone in Japan can sign up and use the service.

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According to a report by Japanese outlet Nikkei, Japan will be the first non-English speaking market that Revolut has entered. The company reportedly has more than 13 million users worldwide, with most of them residing in Europe or North America.

The London-based company, which gained traction by offering low-cost banking services via a slick mobile app, will initially roll out a limited number of functions in Japan. These include “international transfers and the ability to manage money in 23 different currencies.”

The launch comes despite a pandemic-fueled drop in tourism and business travel, primary use cases for Revolut. According to Nikkei’s report, Revolut plans to target ex-pats already living in the country and accumulate more Japanese users by offering loyalty incentives and a better experience.

As Haegwan Kim, the head of growth for Revolut Japan put it,

Foreign finance apps are specialized, but Revolut will offer them all in one app.

Source: Forbes

Revolut is the runaway leader of European neo-banks, but according to a piece in Forbes last month, things may be less rosy than they appear,

Revolut has a cash-burning problem. Staff numbers rising from 633 at the end of 2018 to 2,261 by 2019 is extreme, and with costs of $352 million, up from $120 million the year previous, Revolut has simply trebled the size of a loss-making business.

The company is cutting costs, has received an injection of capital, and has aggressive revenue growth plans — of which Japan may simply be the latest example. Japan is a coveted market for crypto-related firms, and Revolut is entering the country alongside Kraken, which is resuming service after a two-year break.

Back in July, Revolut launched services to buy and store crypto for US-based customers. It is not immediately clear whether this functionality will also be available to Japanese users.

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Colin is a writer, researcher, and content marketer with a keen interest in the future of money. His writing has been featured in numerous cryptocurrency publications, and his holdings don't amount to more than a handful of BAT.

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