Revolut officially launches in Japan as it continues rapid international expansion

By Aisling Finn on Tuesday 8 September 2020

Digital Banking

The fintech first obtained a licence to operate in Japan in 2018.

Revolut officially launches in Japan as it continues rapid international expansion
Image source: Revolut Japan

Digital banking service Revolut has today officially launched in Japan after a successful beta launch. 

Revolut had already launched premium accounts in Japan but has now expanded the offering in the country to include its popular free accounts. 

The fintech first received authorisation to operate in Japan in 2018 from the country’s regulator, and garnered 10,000 eager users for its beta launch, largely consisting of expatriates living in the country. 

In a bid to tear down financial borders, Revolut users in Japan will be able to send money instantly and for free to other Revolut customers across the world including the UK, US, Australia and Singapore. 

Nikolay Storonsky, CEO and founder of Revolut, said: “When spending or transferring money overseas, most people are unaware of the hidden fees that banks are charging them.” 

“According to a report from the World Bank, international remittance fees in Japan are 2 times higher than in the US. The world is becoming more connected, and financial services should be supporting this, not hindering it.” 

As well as cutting remittances costs, Revolut users in Japan will have access to the fintech’s ‘super app’ which will allow them to track and budget their spending, split bills and create savings pots. 

Despite “lower than expected customer growth rates” in 2019, Revolut has amassed 13m everyday customers globally and 500,000 SME users after just three years of offering a business account. 

The e-money institution also closed a record $500m Series D funding round in February of this year, only to top it up by an additional $80m at the end of July.

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