Revolut considers entering Kazakhstan’s market

Revolut has prepared to enter Kazakhstan’s market / Revolut

Revolut, a British fintech company established by former Russian citizen Nikolay Storonskiy and Ukrainian citizen Vlad Yatsenko, is planning to enter Kazakhstan’s market.

Currently, any owner of a Kazakhstani mobile phone number can register in Revolut’s mobile app. However, even registered users from Kazakhstan still can’t get access to all features of Revolut and have to wait on a waiting list.

In an official response to Kursiv’s request for comment, the Revolut press service said that the company has been testing its service in Kazakhstan. The company refused to reveal any further details.

Kursiv has officially requested the National Bank and the Agency for Regulation and Development of Financial Market to comment on whether Revolut has already contacted the Kazakhstani authorities or requested a banking license. Initially, the company was focused on offering accounts featuring currency exchange. Usually, Revolut’s offer was more beneficial than traditional banks’ rates.

Currently, the digital bank also offers commission-free stock trading, crypto, commodities, debit cards, insurance and merchant acquiring services.

During several investment rounds, Revolut raised about $1.7 billion from venture investors. The company has expanded into several European countries, the U.S., Australia and Japan. Currently, its services are only available for citizens of countries where Revolut officially operates.

The company possesses a banking license in Lithuania since 2018. It’s also been waiting for a similar license in the U.K., where its headquarters are located. Last year, Nikolay Storonsky renounced his Russian citizenship after the war in Ukraine began. In December 2022, the company entered the Azerbaijani market, where clients were offered a simplified version of the mobile app known as Revolut Light. With the help of the app, people can conduct transactions with 30 foreign currencies and transfer money to more than 50 countries. It is expected that the company will offer this product in Kazakhstan as well.

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