Digital banking platform Revolut has announced that it is working on expanding into decentralized cryptocurrency wallets. According to Revolut's CEO, as it pushes ahead with its strategy to become a "super app," the London-based company is also looking at the mortgage sector.
Revolut's Quest to Become a One-Stop Shop For Financial Services
Currently, Revolut offers payments services, crypto trading, savings accounts, and stock trading. In the short term, the company is remittance offerings and launching a buy now, pay later product. But according to CEO Nik Storonsky, the fintech company has a long way to go before it becomes the "one-stop-shop for financial services."
"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 also added that Revolut should consider expanding into mortgages because home loans "are quite an important part of consumer financial life."
While "super apps" like China's WeChat have grown in popularity in some parts of the world, all-in-one platforms have yet to take off in Europe and the US.
In the quest to become a worldwide financial super app, Revolut is not alone. Global brands from Amazon to IKEA and Walmart are making traditional financial intermediaries obsolete. Furthermore, by plugging in tech startup software, these companies offer customers everything from banking and credit to insurance.
Meanwhile, Revolut is also opening new remittance corridors to enable US users to transfer funds across borders within 30 minutes. In January, the company introduced fee-free remittances to bank accounts in Mexico. Also, it recently launched fast transfers from the US to Chile, Brazil, and South Korea.