Revolut overview

Revolut is intent on transforming traditional banking. Their digital banking platform is an all-in-one app that lets users transfer, exchange, save and spend money with a multi-currency card that is accepted everywhere. Users are able to spend abroad in over 130 countries and make money transfers to over 120 countries, all at the real exchange rate. The company has over 13m customers and a valuation of $5.5bn.

Revoluts services include prepaid debit card (MasterCard or Visa), fee free currency exchange, commission free stock trading, cryptocurrency exchange and peer-to-peer payments. Along with its standard offering, Revolut has announced some additional features in business accounts, analytics, loans, loyalty offers, mobile phone insurance, a bill-splitting feature, a "Premium" subscription option and an AI chatbot.

In December 2018, Revolut secured a specialised bank licence from European Central Bank, facilitated by the Bank of Lithuania.

In October 2019 it was announced that the company was planning to hire around 3,500 additional staff as it scales in 24 new markets, owing to a new global deal with Visa. That same month the company launched in Singapore.

Revolut was valued at $5.5bn in February 2020 after it raised $500m in funding and announced its intentions to move into the US later that year. Revolut has received backing from some of Europe's top investors, including Index Ventures, Balderton Capital and Ribbit Capital.

In March 2020 Revolut launched its neobank service in the US, enabling any US citizen to oven an account and get a Revolut debit card using just their phone. It partnered with Metropolitan Commercial Bank for the US banking infrastructure. Bruce Wallace, a former chief operations officer at Silicon Valley Bank, has been appointed chair of the U.S. board, and Ronald Oliveira, most recently President of AvidBank, is the US CEO.

In August 2020 Revolut made one of its biggest moves in insurance to date. The company launched a job advert for a VP of Insurance, stating they would be responsible for developing the strategic roadmap, recruitment, product launch(es) as well as gaining licenses for General Insurance and Life Insurance across the UK, EU and US over the next few years.

In October 2020, reports began to circulate that the banking venture was weeks away from applying for a bank charter in California.

In January 2021 it was revealed that Revolut has applied for a full banking license in its country of origin, the UK. The fintech already has a EU banking license , but the UK license would enable it to offer full-service current account services, including overdrafts and loads, as well as credit cards.

Map showing the location of Revolut

London, United Kingdom

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Key people

Vlad Yatsenko Founder
Nikolay Storonsky Founder & Chief Executive Officer
Daniel Waterhouse Board member
Bruce Wallace US Chair
Ronald Oliveira CEO (USA)