Revolut Ltd, the financial super app company that boasts more than 18 million customers worldwide, has expanded its services to more countries, the London-based company announced Wednesday (March 30).
Customers from the United Kingdom, the European Union, Iceland, Liechtenstein and Norway, Japan, Singapore and Australia can now transfer cash to bank accounts in Colombia, Nepal, Peru, Bolivia, Guatemala, Egypt and Costa Rica supporting seven local currencies, per the announcement.
The new remittance offer makes it possible for customers to send money to these countries within minutes, Revolut said.
Since its launch in 2015, the foreign exchange and borderless payments company said, it has improved the way travelers, entrepreneurs and anyone who lives outside their native country send money abroad.
Today, Revolut customers can make international transfers to bank accounts in 40 currencies and more than over 160 countries. It processes more than 150 million transactions monthly.
In the last six months, the FinTech has launched more than 10 new currencies, per the announcement, which also cited World Bank figures estimating the total global remittance volume exceeded $700 billion in 2020.
Revolut said its data reveals that 15% of users make international transfers on the 30th, 31st or 1st of the month. On these dates, customers typically send money home after getting paid in another country or make international payments to pay their bills.
Earlier this month, Bloomberg reported Chief Revenue Officer Alan Chang will leave the U.K company to launch a cryptocurrency platform after launching an effort to collect $100 million in financing.
Read also: Revolut CRO Alan Chang Leaving to Start Crypto Platform
Chang’s fundraising effort will give investors future access to tokens, sources told Bloomberg. He has invested millions of his own dollars in the effort so far, one source said.
In July, Revolut raised funds at a $33 billion valuation, including from SoftBank Group Corp’s Vision Fund 2 and Tiger Global Management.
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