- 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.
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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.
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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