Thursday 24 October 2019 12:01 am

Revolut opens for business in Singapore

Banking app Revolut has today launched its services in Singapore, marking the British fintech giant’s fourth international foray.

The scaleup, which has more than 7m users across the UK, Europe and Australia, will provide customers in Singapore with access to its banking app and debit card. Features include free spending overseas in more than 150 currencies, Premium accounts and capped cash withdrawals.

The move adds Singaporean dollars to the number of currencies accessible for transfers for all Revolut users, which also includes sterling, US dollars, euros and Australian dollars.

It follows an announcement by Revolut earlier this week that it has partnered with Mastercard to launch its debit card in the US by the end of this year. It holds a similar deal with Visa for cards across Europe and Asia.

Read more: Revolut reveals Mastercard tie-up for US debit card launch

The fintech starlet set up its regional headquarters in Singapore last year, having received authorisation from financial authorities there in November. It currently employs 20 staff in the office, but intends to triple that headcount in the coming months.

Revolut said today it will soon launch support for an additional 14 currencies, including Indian rupees, Philippine pesos and Malaysian ringgit, as it opens in more countries.

Read more: Revolut set to launch in Japan and Singapore, as US launch experiences further delays

Revolut said last month its deal with Visa will lead to a significant increase in staff globally, rising from 1,500 employees to 5,000.

The firm, known as one of the UK’s Big Three in digital banking alongside Monzo and Starling Bank, is understood to be raising a new round of funding in exchange for equity at around $500m (£388m).

It is also seeking to land a convertible loan of $1bn and a valuation of the business at $10bn, according to Sky News.

Image credit: Revolut