Digital banking platform Revolut is working to expand into decentralized cryptocurrency wallets and is also eyeing the mortgage space, its chief executive said, and the London-based company is advancing its strategy of becoming a so-called “super app.”
Revolut, which currently offers payment services, crypto trading, savings accounts and stock trading, is focusing in the short term on expanding its remittance offering and launching a buy now, pay later product. But CEO Nik Storonsky said the fintech company has more work to do to become a one-stop shop for financial services.
“For example… decentralized wallets, and cryptocurrency-enabled deposits, withdrawals [and] Pledging, lending — that’s another piece that we’re missing, and we’re working on it,” he told Reuters.
He added that it was also important for companies to consider expanding into mortgages, as home loans “are an important part of consumers’ financial lives.”
While super-apps such as China’s WeChat have taken off in other parts of the world, in the US and Europe, integrated platforms have proven elusive.
Revolut is not alone in its quest to become a global financial super-app. Global brands from Amazon to Ikea and Walmart are cutting out traditional financial middlemen and plugging in software from tech startups that provide customers with everything from banking and credit to insurance.
Revolut has also opened up new remittance channels, enabling its US users to send money across borders within 30 minutes. The company launched a free money transfer service to bank accounts in Mexico in January, and recently launched fast transfers from the U.S. to Chile, Brazil and South Korea.
“It’s amazing because no one in the world can do it. If you look at WorldRemit or [Wise] Or Western Union, none of them have this ability to send money instantly and for free,” Mr. Stolonski said.
(Apart from the title, this story was unedited by NDTV staff and was posted from a syndicated feed.)