Revolut has officially opened its doors in Singapore following a beta test over the course of the last year, with 30,000 customers already onboard.
Revolut set up its Asia-Pacific hub in Singapore last year, deploying a 20-strong team to the island territory. The firm says it is planning to triple its headcount over the next six months as the service goes live.
Aside from Singapore, the firm is currently available in the United Kingdom, Europe and Australia, with plans to launch in the United States, and Canada later this year, with Japan lined up for an early 2020 debut.
Users are also be able to spend and transfer money overseas at the real exchange rate, and hold and exchange 14 currencies in the app. Revolut says it intends to launch an additional 14 currencies in the coming months, including Indian Rupees, Philippine Pesos and Malaysia Ringgit.
Eddie Lee, head of operations for Asia-Pacific, comments: “The average Singapore resident travels about seven times a year, and at the same time, they are transferring up to $7 billion overseas. For the most part, these are ordinary, hard working people who are unaware that their existing providers are charging them as much as five percent in fees.”
The money transfer service is rounded out with an accompanying multicurrency debit card from Visa, PFM tools for smart budgeting, bill-splitting capabilities and spare change savings pots.
Since launching, Revolut has attracted over seven million customers in the UK and Europe, and claims to be opening one million new accounts every month. The company has raised more than $336 million in funding from leading venture capital firms, including Index Ventures and DST Global, and is currently valued at $1.7 billion.