Revolut

Revolut Ltd is a UK financial technology company that offers banking services including a pre-paid debit card (Mastercard or Visa), currency exchange, cryptocurrency exchange, and peer-to-peer payments.

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. DST Global was founded by Yuri Milner, who has been backed by Kremlin in his previous investments.

In December 2018, Revolut secured a Specialised Bank license from European Central Bank, facilitated by the Bank of Lithuania. Having secured a Specialised Bank license, Revolut is authorized to accept deposits and offer consumer credits. The main difference between a specialized and a full-range bank is that the former is not authorized to provide investment services. At the same time, an Electronic Money Institution license was issued by the Bank of Lithuania.

As of February 2019, the company claimed to have over 4 million users. That same month, an expose of the company’s employment practices and culture was published by Wired. This found evidence of unpaid work, high turnover and employees being ordered to work weekends to meet performance indicators.

Steven ZeniosSteven Zenios16/07/2019
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2min

London based digital banking company Revolut has successfully launched a new product “Revolut for Business” with over 120,000 freelancers, SMEs and start-ups already signed up for the new digital banking account. Revolut was founded in 2015 and provides the service of holding, receiving and exchanging currencies in over 29 currencies without the expensive charges that traditional banks apply.


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1min

The company was formed in 2015 and currently has five million customers due to the popularity of its foreign exchange rate. In later years the app has rolled out a series of other features including business accounts and trading for cryptocurrency. Following the success and popularity in Europe, the company has now launched the app in Australia after high demand and more than 20,000 Australians signed up on a waiting list. Revolut will slowly sign up those on the waiting list with new customers having to wait a little longer.


Steven ZeniosSteven Zenios13/06/2019
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2min

People around the world are fast adopting Fintech to get rid of redundant and tedious paperwork. Fintech is disrupting traditional banking industry through its transparent and innovative real-time operations. It has opened doors for competition and creates jobs in many different economies. People can now conduct transactions from their mobile phones. Digitized transactions allow efficient audit capability and security in transactions.



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