Revolut expands S'pore workforce, products as it caters to businesses

Fintech giant also setting sights on providing for corporate sector's cross-border needs

- Prisca Ang

Fintech giant Revolut is offering new payment services to the corporate sector as it looks beyond its reputation as an app for travellers. The company is also setting its sights on catering to the sector's cross-border needs.

In August, it launched a platform giving Singapore companies access to solutions such as multi-currency accounts and corporate cards. Revolut Business allows firms to send money to employees and suppliers in nearly 40 currencies at the interbank rate, within certain allowances and during market hours.

The company is also growing its Singapore workforce as its business platform takes off. Headcount grew nearly 50 per cent from 2023 to 2024, and Revolut will increase this by a further 60 per cent to over 100 employees by 2025.

Mr James Gibson, head of Revolut Business, said there is huge potential for the new service in Singapore, the platform's first market in Asia after its initial launch in Britain and Europe in 2017.

Singapore is the third-largest foreign exchange (FX) centre in the world, after London and New York. It is also a gateway to businesses in South-east Asia and the wider Asia-Pacific region.