In January, the company revealed plans for a fintech startup that could help build out its array of nonretail solutions, like money transfer services—the company has tie-ups with Western Union, Ria, and MoneyGram—check-cashing services, and credit cards. Crypto solutions can complement the push and open up other revenue-generating opportunities for the retail giant.

MUFG Union Bank, which doesn’t charge for transfers. U.S. Bank seeks to acquire the bank.

The company obtained an Australian Credit Licence, which was green-lit by the Australian Securities & Investments Commission (ASIC). This lets Revolut offer personal-lending and credit products to consumers. Revolut acquired Arvog Forex, an India-based financial-services company that offers multicurrency accounts and remittance services.

But usage skyrocketed in 2020, with Western Union seeing digital revenue growth hit 46% despite an overall contraction in Q3, and MoneyGram posting consistent triple-digit gains. These conditions have been augmented by a steady increase in access, with major firms like Western Union launching features like video agents and MoneyGram rolling out its app and website to a slew of new countries.