After amassing more than 8 million customers, the tech unicorn has landed in Singapore, its second market outside Europe.

After much anticipation, U.K. challenger bank Revolut has rolled out its services in Singapore. Customers can now open an account from their mobile phones and start spending worldwide in over 150 currencies at the real exchange rate without hidden fees.

The digital-only bank had already been beta-testing its services over the past year and amassed 30,000 customers on its waiting list when it launched in the city state on Wednesday. 

Revolut's introduction promises to heat up the already competitive multi-currency war, which includes competitors YouTrip and in the near future, InstaReM and TransferWise.

Account Features

Revolut account holders get a multi-currency travel debit card and an account that supports the Singapore dollar and 13 other currencies, with another 14 more including, Indian rupees, Malaysian ringgit and Philippine pesos, to be added in the coming months, a press release said.

Customers also get free worldwide ATM withdrawals, peer-to-peer money transfers, and foreign exchange, and its app integrates budgeting and savings management functionalities. Accounts are free, but the Premium account ($9.99 per month) and Metal account ($19.99) offer additional features and limits. 

At its launch event on Wednesday, the firm said it is working on bringing features that are already available in other markets, like cryptocurrency trading and commission-free stock market trading, to customers in Singapore.

Tech Unicorn

Revolut was founded by former Credit Suisse trader Nik Storonsky and former Deutsche Bank systems engineer Vlad Yatsenko in London in 2015 as a digital alternative to traditional banks. It has raised more than $336 million in funding from venture capital firms, and is valued at $1.7 billion.

The firm opened its Asia-Pacific hub in Singapore office in 2018, where it employs 20 people. It plans to triple its headcount in the coming months. 

It plans to launch in the U.S. and Canada later this year.