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Revolut has revealed that it is set to launch the lite version of its app after reaching an important milestone.
London-based fintech firm Revolut announced earlier today that it is set to launch a lite version of its app. This latest development comes after the company crossed the 25 million customer threshold.
Revolut added that it would launch its Lite service in Latin America, Southeast Asia, and the Middle East. The Revolut Lite version is designed to enable instant cross-border transfers for free, Revolut added.
The company said;
“Our mission is to unlock the power of a borderless economy, for everyone, by bringing the world’s first financial super-app to all corners of the globe. This year we have made important steps in achieving this, building our teams on the ground in India, Mexico and Brazil.”
Revolut further revealed that it is now processing over 330 million transactions monthly. The firm has been around since 2015 and was initially focused on providing foreign exchange services. Revolut has evolved over the years and has become a financial super-app that provides other services, including crypto trading, remittances, and insurance.
Revolut is also in the process of acquiring a banking licence in the United Kingdom. In an interview two months ago, CEO Nikolay Storonsky said the absence of a UK licence has made it harder for the company to obtain licences in other parts of the world.
Since it hasn’t obtained a banking licence in its home country, regulators in other parts of the world are hesitant to issue Revolut one.
The CEO added that Revolut is waiting for licence decisions in Australia, Mexico, and Brazil. Despite lacking a banking licence in the UK, the company secured a place on the Financial Conduct Authority’s register for crypto companies two months ago. The registration allowed it to provide cryptocurrency services to its clients.
