One of the marquee names in fintech, Revolut, has announced the launch of its service in Japan. According to a tweet posted on Sep 8, the cryptocurrency-friendly application is expanding into another significant market.
The announcement came after Revolut conducted beta testing on 10,000 users. Now, anyone in Japan can sign up and use the service.
According to a report by Japanese outlet Nikkei, Japan will be the first non-English speaking market that Revolut has entered. The company reportedly has more than 13 million users worldwide, with most of them residing in Europe or North America.
The London-based company, which gained traction by offering low-cost banking services via a slick mobile app, will initially roll out a limited number of functions in Japan. These include “international transfers and the ability to manage money in 23 different currencies.”
The launch comes despite a pandemic-fueled drop in tourism and business travel, primary use cases for Revolut. According to Nikkei’s report, Revolut plans to target ex-pats already living in the country and accumulate more Japanese users by offering loyalty incentives and a better experience.