The Revolut fintech app is on an expansion drive, adding 3,500 people to its staff in a bid to outcompete VISA. The challenger bank is also a crypto-friendly app allowing exchanges to a wider audience.
Revolut Expands to US, Brazil, Japan in 2020
Revolut expands to both developed and developing markets, recently upping its social media campaign efforts to add new customers.
“We are around 1500 people now and by summer next year we plan to be around 5000,” said Nikolay Storonsky, co-founder of Revolut.
The payment app plans to expand beyond Europe and Australia, where it built its primary markets, and into the USA, as well as Japan, Brazil, and Russia. Revolut’s plan is rather ambitious, in a climate where regulators are watching fintech apps more closely, and limiting payments.
Revolut has received accusations of aggressive expansion, especially through personally targeted referral links. However, despite the drive to expansion, the company will have to face regional restrictions.
The App Offers Limited Access to Crypto Assets
Revolut currently offers a limited selection of digital coins, including Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC), as well as XRP and Bitcoin Cash (BCH). The newly selected regions may pose additional difficulties. In general, the US, Brazil, and Japan are crypto-friendly regions, though with tough requirements on reporting and customer screening procedures.
The cryptocurrency potential is limited, as users can send crypto assets only to other registered Revolut accounts.
Hello! We’re happy to hear that you’re loving Revolut. 😊 At this time it’s possible to sent cryptocurrency to other Revolut users, but we’ll be sure to keep you updated with any changes.
— Revolut (@RevolutApp) September 26, 2019
Fintech apps have shown their potential to offer off-chain crypto transactions, but also lack the full functionalities of a cryptocurrency wallet. However, Revolut could be held responsible if it allowed limitless transactions outside its network.
The central drive, however, is to expand the presence of VISA. The card provider will supply more than 75% of Revolut cards issued worldwide.
The average user stores around 1,000 euros in the system, for a total of about $8.74 billion, reported Reuters. Compared to large-scale mainstream banks, this is a blip on the radar, and fintech apps are also restricted in moving more significant sums. But the fast payments, low fees, and various management tools and even investment opportunities have made Revolut one of the most appealing apps.
Still, the company has faced criticism for inadequate customer service and has been investigated for its potential to apply sanctions measures and achieve transparency for its international activity. Revolut’s hiring culture has also been criticized, for offering positions only to those that aggressively pushed referral links.
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Images via Shutterstock, Twitter @RevolutApp