Fintech startup Revolut plans to enter the Ukrainian market in 2020
UK fintech startup with Ukrainian co-founder Revolut in cooperation with Visa will start expansion to 24 new markets by the end of 2020. According to PYMNTS.com, Ukraine is on the list of countries where the company plans to launch.
- According to the co-founder of Revolut Nikolay Storonsky, the expansion will depend on obtaining the necessary regulatory approvals in the selected countries.
- Besides Ukraine, the startup plans to launch in Australia, Canada, Hong Kong, Singapore, Argentina, Chile, Colombia, India, Indonesia, Korea, Malaysia, Mexico, New Zealand, Philippines, Saudi Arabia, South Africa, Taiwan, Thailand, and Vietnam.
- In Brazil, Japan, the United States, and Russia, the fintech unicorn may start operating by the end of 2019.
- Revolut also expects to increase the number of employees from 1,500 to 5,000 by the summer of 2020.
What is Revolut?
Revolut is a financial technology service for travelers that works like an online bank. Its feature is that the service removes all payments for currency exchange, so you can transfer, exchange, and spend money around the world without additional fees. In 2018, it became a unicorn valued at $1.7 billion. You can read a brief history of the service here.