- Revolut maintains profitability in Singapore, doubling local revenue.
- Competition intensifies as rivals like Instagram and YouTrip benefit.
- Revolut plans broader financial services and aims to become a super app through partnerships.
Expansion to Singapore
Revolut, the UK fintech firm, reported it remained gross profitable in Singapore for a second straight year in 2023.
The company more than doubled its local revenue as e-money balances rose over 50% year-on-year.
Growth drivers
CEO Raymond Ng credited rebounding post-pandemic travel and a large expat customer base driving growth in remittances.
But he said Revolut must expand offerings beyond foreign exchange to maintain an active user base.
Competitive landscape
The travel recovery has also buoyed competitors like Instagram and YouTrip.
However, Fintechs is moving to become a broader financial services platform.
Revolut plans to launch business expense management in Singapore this year.
Revolut’s Singapore product suite remains narrower than in other markets since it lacks a digital banking license.
It aims to partner with local firms to deliver more financial services. Becoming a super app remains the long-term goal.
To read the original article in its entirety: https://www.techinasia.com/revolut-gross-profitable-singapore-2nd-year-running
