Neobank Revolut Officially Expands to Japan

Over the past few years, neobanks have become some of the largest players in the FinTech space. While many of these startups are based in the United States, Europe has also seen an explosion of challenger banks — with some making their way to America as well. Now one Britain-based banking service is continuing its global expansion by heading to the Land of the Rising Sun.

As TechCrunch reports, Revolut is now available to those in Japan. Previously, the company had been testing the service with 10,000 users in the country. Notably, Revolut first gained authorization to operate in Japan back in 2018.

Currently, the number of features offered to Japanese users is scaled back from what Revolut maintains in Europe and the United States. For example, TechCrunch notes that there is currently no support for cryptocurrency trading, travel insurance, or their Revolut Junior kid’s debit card product. However, many of the core functions are still intact, including the ability to exchange, send, and store fiat currencies. Additionally, premium plans for Japanese users include enhanced debit card designs, the ability to purchase lounge access passe via LoungeKey, and more.

Although all of the features it’s become known for have yet to debut in Japan, Revolut says they are in the works. According to the company, it intends to make crypto and stock trading capabilities available to all of its 13 million global customers in the future, although no firm dates have been announced. For context, cryptocurrencies trading has only recently arrived on the U.S. version of the app, while stock trading has yet to make its way stateside. That said, Revolut has also been testing other features for American users, including offering interest on funds users keep in their Vaults savings product.

Revolut’s Japanese launch comes on the heels of the neobank raising a bundle in funding. Back in July, they announced an increase to their Series D to a total of $580 million in a round led by TCV. To date, the company has now raised $900 million and is valued at $5.5 billion.

With Revolut’s product boasting features for international travelers and investors, it only makes sense that the company would continue to reach its way around the world. That strategy seems to be paying off as their user base is on the rise. At the same time, it is interesting to see how Revolut launches with a basic product and then builds it out over time to match its international counterparts. While that may seem questionable considering the premium plans the company pushes, it seems to have served them well so far. The questions now become, where will Revolut set their eyes on next?

Author

Jonathan Dyer

I'm a small town guy living in Los Angeles looking to make solid financial decisions. I write for a number of finance websites, including HuffingtonPost and Business2Community. I founded DyerNews.com in 2015 to focus on personal finance and the emerging FinTech markets.

Other Articles by Jonathan Dyer

Uber Relaunches UberPool as UberX Share

With demand for travel continuing to rise, the ridesharing app Uber has announced a feature to help both travelers and commuters to get to their destinations while saving money. After previously pausing its UberPool service option during the pandemic, Uber is now rolling out a replacement called UberX Share. At this time, the new option is available to riders in New York City, Los Angeles, Chicago, San Francisco, Phoenix, San...

Split Payment Platform Kasheesh Launches as Alternative to BNPL

In recent months, "buy now, pay later" (BNPL) platforms have exploded in popularity. What's more, with Apple jumping into the space, the practice is likely to continue growing despite some concerns in regards to how BNPL services impact consumers' personal finances. With that in mind, one FinTech has just revealed its alternative: a payment-splitting platform for online retail. Today, Kasheesh exited stealth mode to announce the launch of its unique...

Credit Karma Money Spend Adds Cashback Offers for Cardholders

Those looking to add some extra cash back into their pocket will soon have a new option. This week, the popular credit monitoring site Credit Karma announced a new feature for its Credit Karma Money customers. Now, debit cardholders will be able to earn cashback when making purchases from select retailers. According to the site, the list of eligible retailers includes national chains, such as Adidas and Shake Shack, as...