UK-based financial technology company Revolut has unveiled plans to launch a Lite version of its app to enable more people in low-income countries to access its products. Revolut unveiled the plans as part of its global expansion.
The company said it has become a platform for 25 million users and said it welcomes more than 2,000 new businesses a week. Revolut’s growth is visible in almost every area, as the company has launched no less than 20 new products since its inception. Currently, the company reported processing nearly 330 million transactions per month, making it one of the most used financial apps in the world.
“Revolut’s growth continues at a steady pace. We have continued to expand our unique product offering around the world, expanding into new markets with new customers. Having reached 25 million customers in just over seven years is a fantastic achievement for the company. We look forward to bringing our product to many more customers in the coming weeks and months.“, said CEO Nikolay Storonsky.
The Revolut Lite version will allow the company to improve its accessibility, but will not reduce the speed of transactions. Users of the Lite version will also be able to conduct cross-border transactions instantly and without fees.
According to the announcement, the Lite service will launch in Latin America, Southeast Asia and the Middle East. While expanding its business with the Lite service is commendable, Revolut has courted regional growth throughout the year with a presence in key regions.
“Our mission is to unleash the power of a borderless economy, for everyone, by bringing the world’s first financial super-application to every corner of the globe“, said Andre Silva, Revolut’s head of international expansion. “This year, we took important steps toward that goal, strengthening our teams on the ground in India, Mexico and Brazil.“
Revolut’s growth and regulatory challenges
Revolut was founded in 2015 as a currency exchange, but it has since metamorphosed into a financial super app, in which users can access currency exchanges, transactions and insurance, among other things.
Occupying a very defined niche in the financial ecosystem, it has registered immense buy-in across the board, but seeking regulatory approvals to push its expansion as it wishes has been a major obstacle. The company has yet to obtain the necessary license to operate as a banking business in the UK, which has impacted its efforts to obtain licenses in other jurisdictions.
In an interview in September, CEO Storonsky said that not getting a license in the U.K. has not helped its chances, as other regulators still use that criterion to decide whether to license the company. Nevertheless, Revolut has received approval from the Financial Conduct Authority to provide digital currency services in the U.K., and recently added 29 new tokens to serve its U.S. customers through its partnership with Apex Crypto.