According to the announcement, the Lite service will be kickstarted in Latin America, Southeast Asia, and the Middle East.
British financial technology company Revolut has unveiled plans to launch the Lite version of its application as it seeks to give more people in low-income countries enhanced accessibility to its products. Revolut unveiled these plans as part of its global expansionary moves.
The company said it has grown to a platform for 25 million users and noted it onboards more than 2000 new businesses per week. Revolut’s growth is visible in almost all aspects as it has launched as many as 20 new products since its inception to date. At the moment, the firm said it processes close to 330 million transactions on a monthly basis, making it one of the most used financial apps in the world.
“Revolut’s growth continues at pace. We have continued to build out our unique product offering across the globe, expanding into new markets with new customers. Topping 25 million customers in just over seven years is a fantastic achievement for the company. We can’t wait to bring our product to many more in the weeks and months ahead,” said CEO Nikolay Storonsky.
The Revolut Lite version will help the company enhance its accessibility but will not taper down how fast the transactions can be conducted. It said users of the Lite version will also be able to conduct cross-border transactions instantaneously and at no cost.
According to the announcement, the Lite service will be kickstarted in Latin America, Southeast Asia, and the Middle East. While the extension of its business through the Lite service is commendable, Revolut has been courting regional growth all year long with a presence in key regions.
“Our mission is to unlock the power of a borderless economy, for everyone, by bringing the world’s first financial super-app to all corners of the globe,” said Revolut’s head of international expansion André Silva. “This year we have made important steps in achieving this, building our teams on the ground in India, Mexico, and Brazil.”
Revolut Growth and Regulatory Challenges
Revolut was founded in 2015 as a foreign exchange outfit but has since metamorphosed into a financial super app, one in which users can access currency swaps, trading, and insurance amongst others.
By occupying a very defined niche in the financial ecosystem, it recorded immense embrace across the board, however, seeking regulatory approvals to push its expansion drives as it desired has been a major bottleneck. The company has still not been granted the license it requires to operate as a banking firm in the UK, a stance that has impacted its push for licensing in other jurisdictions.
In a September interview, CEO Storonsky said failure to land a license in the UK has not helped its chances as other regulators always use this as a yardstick when deciding whether to grant the firm or not. Nonetheless, Revolut has the Financial Conduct Authority’s permission to carry out digital currency-related services in the UK, and it recently added 29 new tokens to serve its US customers through its partnership with Apex Crypto.