Revolut CEO eyes expansion into mortgages and crypto wallets

A Revolut logo is seen in this illustration taken January 6, 2020. REUTERS/Dado Ruvic/Illustration/File Photo

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April 26 (Reuters) – Digital banking platform Revolut is working to expand decentralized cryptocurrency wallets and is also looking into the mortgage sector, its CEO said, as the London-based company continues its strategy to become a so-called “superapp”. “.

Revolut, which currently offers payment, crypto-trading, savings account and stock trading services, is focused in the near term on expanding its remittance offerings and launching a product buy now, pay later. But the fintech company still has work to do to become a one-stop-shop for financial services, CEO Nik Storonsky said.

“For example…decentralized wallets, and allowing deposits, withdrawals of crypto [and] staking, lending – that’s another thing we’re missing and working on,” he told Reuters.

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He added that it was also important for the company to consider expanding into mortgages, as home loans “are a pretty big part of consumers’ financial lives.”

While superapps such as China’s WeChat have taken off in other parts of the world, all-in-one platforms have proven elusive in the US and Europe.

Revolut is not alone in its quest to become a global financial super app. Global brands from Amazon (AMZN.O) to IKEA and Walmart (WMT.N) are cutting out the traditional financial middleman and integrating software from tech startups to offer customers everything from banking and credit to insurance. Read more

Revolut is also opening up new money transfer corridors to enable its US users to send money across borders in up to 30 minutes. The company introduced free money transfers to bank accounts in Mexico in January and recently launched fast transfers from the United States to Chile, Brazil and South Korea.

“It’s amazing because no one in the world can do that. If you check out WorldRemit or [Wise] or Western Union, not a single one of them has this instant, no-fee money transfer capability,” Storonsky said.

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Reporting by Hannah Lang in Washington; Editing by Emelia Sithole-Matarise

Our standards: The Thomson Reuters Trust Principles.

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