London-based FinTech unicorn Revolut has launched in Singapore after a long beta period and already has 30,000 customers in the region.
Just like in the UK, Australia and in the US where the company is already operating, Singaporean customers will be able to use Revolut’s platform to open an account, get a card, convert, withdraw and put in money.
At the same time, Revolut has also announced a partnership with Mastercard, Techcrunch reported. The expanded partnership will enable Revolut to issue cards in all 210 countries where Mastercard is accepted. It also means that 50% of all existing and future cards issued by Revolut in Europe will be Mastercards. Revolut also works with Visa.
The Singapore launch and the new partnership with Mastercard come as Revolut is gearing up for a massive expansion.
In late September, it announced that it was looking to add 3,500 new employees to its staff and that wit would be looking to go into eight new markets in Asia and Latin America. The move would see the payment company’s workforce grow to 5,000 workers in total.
But growing a scaleup like Revolut it not cheap. Despite having already raised over £246m to date, making it one of the UK’s most well-funded challenger banks, the startup has reportedly tapped JPMorgan for help to raise an additional $1.5bn. The round would see it raise $500m in new equity and $1bn in convertible loans.
In 2018, Revolut’s losses doubled to just under $33m. During the same time, its revenues more than doubled from £13m in 2017 to £58m in 2018.
It is easy to see why Revolut has expanded into Singapore. The country’s FinTech scene is absolutely booming, with the industry having raised over $4.4bn since 2014. It is the home of over 500 FinTech startups and more than 400 innovation labs.
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