A month after announcing its exit from the Canadian market, the U.K.-based fintech now plans to return. During a Collision 2021 session, Revolut CEO Nikolay Storonsky said the company doesn’t currently have the resources to launch all of its products in Canada right now, and so decided to hold off for another year. (BetaKit)
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A month after announcing its exit from the Canadian market, the U.K.-based fintech now plans to return. During a Collision 2021 session, Revolut CEO Nikolay Storonsky said the company doesn’t currently have the resources to launch all of its products in Canada right now, and so decided to hold off for another year. (BetaKit)
Talking point: The platform, which launched in a limited form in Canada almost a year and a half ago, offers banking services like payments, currency exchange, and stock and cryptocurrency trading. Revolut faced challenges in Canada including competition from domestic startups like Wealthsimple, as well as restrictions that make it difficult to compete with legacy financial-services firms. Storonsky didn’t say whether Revolut had figured out the regulatory challenges in Canada, calling the landscape “quite complex.”
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