The enterprise capital-funded startup gives a digital banking various to conventional banks together with assist for immediate fee notifications, free worldwide cash transfers and world fee-free journey withdrawals. Revolut gives a pay as you go debit card, foreign money trade service and peer-to-peer funds.
Coming into its U.S. launch, the corporate has 10 million customers and has raised $836 million in funding to this point. It final raised $500 million in February on a valuation of $5.5 billion.
Revolut has a mobile-first technique, promising that new prospects can open an account in minutes through an Android or Apple Inc. smartphone.
U.S. prospects can be provided the identical companies out there within the UK and Europe, together with assist for 28 currencies and international trade companies at what the corporate describes as “the actual trade price, with no hidden charges.” Clients can get their wage as much as two days prematurely through direct deposit at no extra value. Deposits are assured by the U.S. Federal Deposit Insurance coverage Company as much as $250,000.
Pitched at digital natives and millennials, Revolut additionally gives built-in budgeting instruments to help prospects in retaining their funds in verify. “With Revolut, you may see precisely how a lot you might be spending every month on issues like groceries and eating places,” the corporate mentioned in a weblog publish. “Much more, you may arrange month-to-month budgets for these particular person classes, too. As you get near your funds, we’ll ping you a message to let you recognize.”
Sooner or later, Revolut mentioned it plans to supply commission-free inventory buying and selling and cryptocurrency buying and selling as nicely. That may place the corporate in direct competitors with startups resembling Robinhood Market Inc.
Traders in Revolut embody G Squared, GP Bullhound, TCV, Manhattan Enterprise Companions, Future Fifty, Lakestar, Index Ventures, DST International, Greyhound Capital and International Founders Capital. Fintech startup Revolut.
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