1

Revolut

FinTech and a digital banking alternative

Categories

Financial and Banking  
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. Since then. many revolut reviews have been given by its clients. 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 26th 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.


History

Revolut was founded on 1 July 2015 by Nikolay Storonsky from Russia and Vlad Yatsenko from Ukraine. The company was originally based in Level39, a financial technology incubator in Canary Wharf, London. On 26 April 2018, Revolut raised $250 million in Series C funding. It had a post-funding valuation of US$1.7 billion, making it a unicorn. DST Global was founded by Yuri Milner, who has been backed by the Kremlin in his previous investments. In December 2018, Revolut secured a Challenger bank licence from European Central Bank, , facilitated by the Bank of Lithuania, authorising it to accept deposits and offer consumer credits, but not to provide investment services. At the same time, an Electronic Money Institution licence was also issued by the Bank of Lithuania. In July 2019, Revolut launched commission-free stock trading in New York Stock Exchnage and NASDAQ, initially for customers in its Metal plan. This was subsequently made available to all users. In October 2019, the company announced a global deal with Visa, following which it would expand into 24 new markets and hire around 3500 additional staff. In February 2020, Revolut completed a funding round that more than tripled its value, valuing the company at £4.2 billion and becoming the United Kingdom's most valuable financial technology startup. During March, Revolut is launched in the United States. In August, the company launched its financial app in Japan. In November of the same year, Revolut became profitable. In January 2021, the company announced that it had applied for a UK banking licence. In March 2021, Revolut applied for a bank charter in the US via applications with the FDIC and the California Department of Financial Protection. In July 2021, Revolut raised US$800 million from investors, including SoftBank Group, Tiger Global Management at a US$33 billion valuation. In January 2022, Revolut launched as a bank (instead of an e-money institution) in 10 additional European countries: Belgium, Denmark, Finland, Germany, Iceland, Lichtenstein, Luxembourg, Netherlands, Spain, and Sweden. In March 2022, after Russia invaded Ukraine, Storonsky publicly opposed the war in Ukraine and Revolut donated £1.5 million to the Red Cross Ukraine appeal. Since March 2022, Revolut has more than 18 million customers around the world and more than 150 million transactions a month.


Mission

The company is building the world’s first truly global financial superapp that helps their customers to get more from their money.


Vision

The company envisions to help its customers improve their financial health and give them more control over their finances. They aim to connect people seamlessly across the world with their financial services.


Recognition and Awards
2018: Hottest Fintech Startup by Europa Awards. 2018: Innovator of the Year by Amazon Growing Business Awards. 2020: Anti-Fraud Solution of the Year by FStech Awards.

References
Revolut
Leadership team

Nik Storonsky (Co-Founder & CEO)

Vlad Yatsenko (Co-Founder & CTO)

Industries

Financial and Banking

Products/ Services
Pre-paid debit card, currency exchange, and peer-to-peer payments, FinTech solutions
Number of Employees
1,000 - 20,000
Headquarters
London, England, UK
Established
2015
Company Registration
8804411
Revenue
100M - 500M
Traded as
Revolut Trading Ltd LEI 213800F913L5VYSWEJ15
Social Media

Related Companies

Related Companies

About

Businessabc provides a global business, SMEs wiki directory blockchain, NFTs, AI powered marketplace for businesses worldwide.

Follow Us
Produced by
In collaboration with
Logo

Copyright 2023 © Businessabc powered by ztudium