App-based banking is becoming increasingly popular with today’s tech-savvy generation, as it is faster, easily accessible, available 24/7, and more secure. UK based Revolut is a leading player in this space, offering its services across 120 countries and supporting transactions in 29 currencies. Revolut allows people to easily send and receive money in the currency of their choice. Customers can also use Revolut app for purchases and ATM withdrawals.
Other services available with the Revolut app include money management, insurance, currency exchange, and peer-to-peer payments. Revolut also supports crypto-currency exchange, wherein customers can exchange their currency into Bitcoin, Litecoin, Ethereum, Bitcoin Cash and XRP. As the name suggests, Revolut is a revolutionary platform, wherein there are no charges for basic services. Customers who want more services and support for large transactions can choose monthly subscriptions plans. All Revolut customers get free UK account and free Euro IBAN account.
The idea for Revolut came to founders Nikolay Storonsky and Vlad Yatsenko when they realized that brick and mortar banks were taking too long to launch digital banking services. Furthermore, traditional banks used to charge hefty fees for international transactions. As a solution, the founders launched Revolut, which does not have any fees or charges for transactions up to a certain limit.
With its pioneering idea, Revolut has grown exponentially since its launch in 2015. It currently has more than 6 million customers and increasing every day. Total transactions on Revolut platform are more than 350 million, which is worth a staggering £40 billion. The company recently expanded operations in Australia and has plans to enter other global locations such as North America, Hong Kong and Singapore.
Revolut has received $336.4 worth of investments from 12 rounds of funding. Top investors include Point Nine Capital, Index Ventures, Seedcamp, Balderton Capital, and Ribbit Capital.
Revolut has not made any acquisitions till date. However, the company is eyeing bankable ventures, as part of its global expansion strategy.
Revolut competes with other digital banking platforms such as TransferWise, Azimo, WorldRemit, CurrencyFair, N26, WeSwap, and Monzo.
About the Founders:
Revolut was founded by Nikolay Storonsky and Vlad Yatsenko. Storonsky was born in Russia, but has been living in UK since age 20 and carries a British passport. He currently serves as the CEO of Revolut. Prior to launching his startup, Storonsky had worked with leading financial companies such as Credit Suisse and Lehman Brothers. Vlad Yatsenko is a Ukrainian British and has been living in UK since 2010. His work experience includes building advanced financial systems for top investment banks. He currently serves as the CTO of Revolut.