Fintech: Revolut wants to become a “superapp”

The British banking platform Revolut announced this week that it would like to become a “superapp”, that is to say a super application that provides multiple services. So, after transactions in cryptocurrencies, savings accounts and the like, the fintech is moving into mortgages and crypto wallets.

Lending, staking, BNPL…

Founded in 2014 by Nikolay Storonsky and Vlad Yatsenko, Revolut is a British neobank that offers payment services, crypto-trading, stock trading as well as savings accounts via a mobile application. If its portfolio is already very diversified, the fintech wants to become a “superapp”, that is to say a super application that provides practically all financial services. To do so, it is embarking on the development of decentralized finance solutions (DeFi).

In an interview with Reuters on Tuesday, April 26, 2022, Nik Storonsky, CEO of online banking, revealed that Revolut will soon launch an unhosted cryptocurrency wallet. And that’s not all. It also provides lending and staking offers. This refers to the immobilization of cryptocurrencies over a long period of time to earn passive income. It can be likened to savings. The company would also prepare a “buy now, pay later” (BNPL) offer.

Soon real estate loans at Revolut

The boss further indicated that it was crucial for his startup to consider expanding into mortgage lending. According to him, these home loans quite an important part of the financial lives of consumers. But, for now, customers will only be able to receive a credit that will allow them to defer their payments. Finally, Revolut plans to deploy new features for instant and free international money transfers.

For the digital asset project, the banking platform has already obtained approval in principle from the Monetary Authority of Singapore. This agreement will allow customers residing in Singapore to buy, sell and hold cryptocurrency in the application. It will also be used by merchants, who will be able to accept payments in crypto-currencies via Revolut. The British company is currently awaiting other authorizations to extend its offer, particularly in the United States.

An increased need for an “all-in-one” application

By embarking on decentralized finance (DeFi) services such as staking, Revolut wants to face competition from players like Wirex or Crypto.com. These offer annual returns of 5 to 10%. To make a difference, the British application also wants to offer cryptocurrency cashback to its users. This is why it is currently developing its own digital currency.

Revolut is not the only service that wants to become a “superapp”. This trend has gained momentum in recent years. We have the example of WeChat, an “all-in-one” Chinese platform. For their part, global brands such as Amazon and Walmart are eliminating traditional financial intermediaries to integrate this type of solution. They have no choice as surveys show that customers are demanding apps that bring all their digital activities together in one place.

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Fintech: Revolut wants to become a “superapp”


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