Revolut to Launch "Lite" Application While Boasting 25 Million Users
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Revolut Launched Lite Application
Revolut announced that it is introducing its Lite service in Southeast Asia, Latin America, and the Middle East, following in the footsteps of Meta, which introduced Facebook Lite in 2014 to reach lower-income nations. The small application will offer cost-free, immediate cross-border transfers.
André Silva, head of international expansion at Revolut, stated that the objective is to unleash the potential of a global economy, for everyone, by providing the world's first financial super-app to every corner of the world. The company has taken significant strides toward accomplishing this this year by establishing local teams in Brazil, Mexico, and India.
Banking License in the UK
The startup, sponsored by SoftBank, said it currently handles more than 330 million transactions per month. Revolut was established in 2015 in the UK. It started as a foreign exchange business but has subsequently expanded to include remittances, insurance, and cryptocurrency trading tools.
The business is still working on getting a banking license in its home UK. CEO Nikolay Storonsky stated that the company's attempts to obtain licenses in other jurisdictions haven't been aided by operating without a UK license in a September interview. He continued by saying that the business is awaiting licensing decisions from Australia, Mexico, and Brazil. However, it did succeed in obtaining a spot on the Financial Conduct Authority's registry for cryptocurrency firms in September, permitting it to engage in cryptocurrency activities.