Revolut CEO eyes expansion into mortgages, crypto wallets (2024)
April 26 (Reuters) - Digital banking platform Revolut is working on expanding into decentralized cryptocurrency wallets and is also looking at the mortgage sector, its CEO said, as the London-based company pushes ahead with its strategy to become a so-called "superapp".
Revolut, which currently offers payments services, crypto trading, savings accounts and stock trading, is focused in the short-term on expanding its remittance offerings and launching a buy now, pay later product. But the financial technology company has more work to do to become a one-stop shop for financial services, said CEO Nik Storonsky.
"For example… decentralized wallets, and enabling deposits, withdrawals of crypto [and] staking, lending — that’s another piece that we're missing and we're working on," he told Reuters.
He added that it’s also important for the company to consider expanding into mortgages, since home loans "are quite an important part of consumer financial life."
While superapps such as China’s WeChat have taken off in other parts of the world, all-in-one platforms have proven elusive in the United States and Europe.
Revolut isn’t alone in its quest to become a worldwide financial superapp. Global brands from Amazon (AMZN.O) to IKEA and Walmart (WMT.N) are cutting out the traditional financial middleman and plugging in software from tech startups to offer customers everything from banking and credit to insurance. read more
Revolut is also opening new remittance corridors to enable its U.S. users to send money across borders in up to 30 minutes. The company introduced fee-free remittances to bank accounts in Mexico in January and recently launched fast transfers from the United States to Chile, Brazil and South Korea.
"It's amazing, because no one in the world can do it. If you check WorldRemit or [Wise] or Western Union, not a single one of them have this capability of instant of fee-free money transfer," said Storonsky.
Reporting by Hannah Lang in Washington; Editing by Emelia Sithole-Matarise
You are able to buy, sell, and hold cryptocurrency in your Revolut account. Revolut allows you to buy cryptocurrencies in 3 ways: 1. Use held currencies, like USD or existing crypto assets on your Revolut account to buy cryptocurrencies right away.
Your Revolut account is used to make and receive payments for our crypto services. The Revolut company you hold your Revolut account with will depend on where you live. It may be Revolut Bank UAB or Revolut Ltd. Cryptocurrencies are not like the e-money in your Revolut account.
If you are on an eligible plan or in an eligible location (please refer to the FAQs), you can withdraw your cryptocurrency balance to an external wallet. We will tell you which cryptocurrencies we support for withdrawals within the app.
Anyone with a computer and internet access. Question Three: What distinguishes the blockchain from a regular database? It is not controlled by a central party and can be viewed by anyone.
Cryptocurrencies are not like the e-money in your Revolut account. They are decentralised and in the UK they are regulated by the Financial Conduct Authority (FCA) only for the purposes of anti-money laundering and counter-terrorist financing. In Lithuania they are not regulated by the Bank of Lithuania.
“We will definitely do mortgages for consumers,” he told the Irish Independent's Big Tech Show podcast. “Because when I look at all the mortgage processes, it can take one to two months. At best, it's seven days.
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