Revolut

FinTech digital banking alternative that includes a pre-paid debit card, currency exchange, and peer-to-peer payments

Summary

Revolut is a UK Financial Technology (FinTech) based digital banking that offers a pre-paid debit card, currency exchange, and peer-to-peer payments. Revolut provides, through its mobile app, support to spending and ATM withdrawals in 120 currencies and sending in 29 currencies directly from the app, with low or no fees.

In fact, Revolut currently charges no fees for the majority of its services (but for a capped usage), and uses interbank exchange rates for its currency exchange on weekdays, and charge a markup from 0.5% to 1.5% on weekends.

On 26 April 2018, Revolut announced that it had raised a further $250 million in a funding round led by Hong Kong-based DST Global, reaching a total valuation of $1.7 billion and thus becoming a unicorn. Likewise, as of February 2019, the company claimed to have over 4 million users

The London-based Fintech startup was founded by Nikolay Storonsky and Vlad Yatsenko in 2015. The company originally was based in Level39, a financial technology incubator in Canary Wharf, London.

Products

Revolut offers the following services and products through its mobile app:

  • Money Transfers
  • Vaults
  • Budgeting
  • Perks
  • Cryptocurrency
  • Mobile Phone Insurance
  • Overseas Medical Insurance
  • Mobile banking API
  • Apple Pay

Cryptocurrency

Revolut also provides customers access to cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), and XRP by exchanging to or from 25 fiat currencies; however, cryptocurrencies remain locked in the app and cannot be moved to another cryptocurrency wallet.

Key People

Vlad Yatsenko, Founder & CTO. Prior to co-founding Revolut, Vlad spent ten years building financial systems at tier on investment banks. Serving as CTO, Vlad has been at the forefront of Revolut’s award-winning technology, building a next generation banking experience.

Nikolay Storonsky, Founder and CEO. In a former life, Nikolay was a trader with Credit Suisse where he experienced first-hand the astronomical fees applied to foreign exchange transactions. Then there was a light-bulb moment. Fast forward to today, and Nikolay has reinvented the way in which we spend and transfer money abroad.

References