One of the most notable fintech company Revolut has concluded plans to launch in Japan. The London-based company will be offering 23 different currencies and international payments for users.

Revolut targets International expansion

Based on a tweet posted on September 8, the fintech firm wants to expand its operations to cover a significant part of the Asian market.

The announcement is coming shortly after the firm carried out beta testing on 10,000 users. With this launch, virtually anyone residing in Japan can sign up and use the fintech service

Based on the report by Japanese firm Nikkei, the country is set to become the first non-English speaking market Revolut will be establishing its operations.

The company has over 13 million users all over the world, with the majority of them based in Northern America and Europe.

Revolut became widely known when it began providing low-cost banking services through an efficient mobile app. It plans to start its operations in Japan gradually by rolling several functions in the country. These functions include the ability of the users to transact in 23 different currencies as well as international transfers.

Revolut not affected by current economic condition

The current coronavirus pandemic has disrupted business activities in the world, with several developments by most fintech companies put on hold. However, it doesn’t appear to have bothered Revolut as the company keeps expanding its operations despite the current situation.

According to the report by Nikkie, Revolut’s plans involve targeting ex-pats who are currently living in the country. The firm also intends to accommodate more indigenous users by providing incentives and better user experience.

The Head of growth at Revolut Japan reiterated the company’s resolve to stay ahead of the competition.

“Foreign finance apps are specialized, but Revolut will offer them all in one app,” he said.

Fintech company still dealing with issues

Although Revolut is leading the chase when it comes to European neo-banks, things are probably not how they appear, according to a Forbes report last month.

The company has a cash-burning issue and spends way too much for a company that wants to break new grounds and remain efficient.

At the end of 2018, the numbers of staff in the company were 633. However, last year the number grew to 2,261, increasing the firm’s cost from $120 million to $352 million.

But the firm has started cutting costs. It has begun an aggressive growth plan, which mirrors the injection of capital recently.

Crypto-based companies see Japan as a coveted market. Apart from Revolut, another crypto-related firm Kraken has already entered the market in high hopes of a major industry growth within the country and the region in general.