SINGAPORE: Global fintech firm Revolut announced on Monday (Feb 2) that it plans to boost its presence in Singapore over the next three years.
Revolut had doubled its headcount in Singapore from 2024 to 2025, and plans to triple its workforce to over 300 employees over the next three years.
This increase in employees will support product innovation and regional expansion, the UK-headquartered company said in a press release.
Revolut, which offers currency exchange and trading services, recently launched a tech hub in the Philippines and is “actively evaluating” expansion into several other markets in Asia.
Its development in Singapore will be supported by the Economic Development Board (EDB) and EDBI, which invests in high-growth tech companies looking to scale in Singapore and Asia. Revolut is currently valued at US$75 billion (S$95 billion).
Revolut’s Singapore and Southeast Asia chief executive officer Raymond Ng said the company is grateful for the trust and support from EDB and EDBI, adding that EDB’s expertise, guidance and network have been invaluable.
“EDBI’s investment in Revolut Singapore will further enable us to accelerate innovation, scale our regional footprint from Singapore, and deliver inclusive, accessible, and trusted financial services to customers across the region,” he said.
The investment is a “strong endorsement” of Revolut’s long-term vision in Asia and of Singapore’s role as an anchor, said chief financial officer Victor Stinga.
The company said it intends to build high-skilled teams across product development, engineering, data and artificial intelligence in Singapore.
It is also running an internship and graduate programme in Singapore this year.
Successful candidates can potentially relocate to Revolut’s offices in Poland, the UK or the United Arab Emirates. Spain is an additional location for graduates.
EDB executive vice president Chan Ih-Ming said the company’s commitment to talent development would create new opportunities for local talent to grow in the fintech sector.
“Revolut’s expansion of its regional operations here reflects confidence among fintech companies in Singapore’s role as a stable and trusted base to access Asia’s growth markets,” he said.