Investing in Japan
Latest UpdatesUK mobile banking service provider Revolut establishes company in Tokyo
Mar 28, 2019
Revolut Ltd. is a British fintech company founded in 2015 that offers mobile application services such as overseas remittance, foreign currency exchange and cashless payment with a VISA Debit card. By downloading an application, a user can open an account that can manage multiple currencies and make domestic and overseas remittances or card spend free-of-charge up to 5,000 pounds a month. It is also possible to exchange 150 currencies at the rate as quoted in the interbank market, which is less costly than the rate that customers receive from traditional banks . Furthermore, using a debit card linked with the account on the application, users can make cashless payments at stores or online as well as withdraw cash from ATMs.
The company grew to a unicorn* status in April 2018. It now has over four million users thanks to the praise it has received for allowing international travelers, whether on work or vacation, to exchange currencies without a fee.
* A privately held non-listed startup company valued at over 1 billion US dollars, and founded less than ten years.
REVOLUT TECHNOLOGIES JAPAN Co., Ltd. was established in Tokyo in December 2017 in order to develop services in Japan. Revolut decided to begin offering overseas travel insurance services by Sompo Japan Nipponkoa Insurance Inc. for premium (fee charged) members of its applications in October 2018. The company already offers corporate accounts and virtual currency services in Europe and it plans to provide overseas remittances, foreign currency exchange and cashless payment services in Japan. To this aim, Revolt Technologies Japan will begin offering applications to Japan during the first half of 2019.
To assist with the establishment of the company’s base in Japan, theJETRO JETRO Invest Japan Business Support Center (IBSC) provided consultation (on company registration, visa, tax and labor matters) and information on market overview.