Revolut Looks to Expand to Crypto Wallets, Mortgages

Banking app Revolut wants to expand into the mortgage sector and cryptocurrency wallets, the company’s chief executive said Tuesday (April 26).

According to Reuters, Revolut CEO Nik Storonsky said his company needs to do more to become a one-stop financial services provider — or a “super app” — going beyond its current offerings of payments services, crypto and stock trading and savings accounts.

The company is also working on expanding its remittances services and rolling out a buy now, pay later (BNPL) offering.

“For example … decentralized wallets, and enabling deposits, withdrawals of crypto [and] staking, lending — that’s another piece that we’re missing and we’re working on,” Storonsky said in an interview with Reuters.

He added that it’s also crucial for the London-based company to look at entering the mortgage sector, as home loans “are quite an important part of consumer financial life.”

As Reuters noted, super apps have grown in popularity in some parts of the world — WeChat in China being a prime example — but have yet to take off in Europe and the U.S. The desire is there, as PYMNTS research has found, although it seems to vary from place to place.

See also: Americans Want a Super App — Some More Than Others

For example, 64% of the people in the Pacific region and 65% of the people in the South Atlantic that we surveyed said they would be interested in an app that combined all their digital activities into one place. That number is slightly lower in the Midwest and Mountain states, where 59% of consumers in both regions said they’d like to use a super app.

Read more: Revolut Partners With Cross River Bank to Offer Financial Services in US

Earlier this month, Revolut formed a partnership with Cross River Bank to help build and scale Revolut’s U.S. business with the help of Cross River’s tech and regulatory infrastructure. The companies said this will open U.S.-based consumer loans for Revolut customers.