Revolut To Launch In Singapore
The Smartphone App Revolutionising Foreign Currency Exchange
We can often tell the holiday season is rounding the corner from the snaking lines that start emerging at our local moneychangers. However, this practice might soon become a relic, as a London-headquartered neo-bank, Revolut, is about to launch in Singapore, with a waiting list for early access already set up. The digital banking service allows users to transfer 26 currencies to any bank, business or friend at the real-time exchange rate, free-of-charge.
Established just two years ago, it has since acquired a burgeoning cult following with a strong customer base of around 800, 000 across Europe. This recent launch is part of its global expansion plan and aims to reach the US, Australia and Hong Kong by the end of this year. It is not just customers that are enamoured with Revolut, investors have been clambering for a stake in the company; the neo-bank has raised a total of US$86 million in funding since its inception and in its last round of equity crowdfunding campaign, its goal of US$5.3 million was reach in less than 24 hours.
Revolut is part of the growing wave of startups looking to disrupt the banking industry by providing cheaper products and giving customers the autonomy to manage their finances entirely online without the hassle and fees of a middleman.
Neo-banks like Revolut offer features including mobile deposits, P2P payments and real-time digital receipts with exceptional round-the-clock customer support without the traditional brick-and-mortar building, making them ideal for tech-savvy and time-strapped professionals with simple banking needs.