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Revolut, a trading name of Revolut Limited, is a digital banking alternative that includes a pre-paid debit card (MasterCard or VISA), currency exchange, cryptocurrency exchange (Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC)) and peer-to-peer payments. Revolut currently charges no fees for the majority of its services (but for a capped usage, see "fees" section), and uses interbank exchange rates for its currency exchange on weekdays, and charge a markup from 0.5% to 1.5% on weekends . The Revolut App gives you instant access to Bitcoin, Litecoin and Ether by exchanging to/from 25 fiat currencies.

The London-based startup was founded by Nikolay Storonsky and Vlad Yatsenko and currently supports spending and ATM withdrawals in 120 currencies and sending in 26 currencies directly from the mobile app.

The company is based in Level39, a financial technology incubator in Canary Wharf, London.

History

Revolut launched to the public in July 2015 with the aim of "building a fair and frictionless platform to use and manage money around the world" by removing hidden fees and offering interbank currency rates. Nikolay Storonsky, a former trader at Credit Suisse and Lehman Brothers, said in an interview with Forbes that:

I thought of the business three years ago. I was travelling a lot and wasting hundreds of pounds on foreign transaction fees and exchange rate commissions which just didn’t feel right. As someone with a financial background I knew exactly the rates I should be getting. As a solution, I tried to find a multi-currency card and was later told it wasn’t possible. But I was determined to make it work.

Alongside Vlad Yatsenko, former Credit Suisse and Deutsche Bank developer, and Tom Reay, former developer at Expedia and Ocado, Storonsky set up Revolut and raised around $3.5 million.

On 8 February 2017, Revolut launched UK current accounts, enabling its customers to get a personal IBAN. In July 2017, users can get a personal EUR IBAN.

See also

• Financial technology
• Google Play
• App Store (iOS)
• Bitcoin
• Ethereum
• Litecoin
• Coinbase

References

1. "Revolut company timeline". Crunchbase. Retrieved 11 January 2016.
2. "Revolut company profile". AngelList. Retrieved 11 January 2016.
3. Dillet, Romain (20 July 2015). "Revolut Raises $2.3 Million For Its Mobile Foreign Exchange Service". TechCrunch. Retrieved 11 January 2016.
4. "Revolut on Twitter". Twitter. Retrieved 2016-06-19.
5. "Revolut: Not necessarily cheaper than an(y) other Mastercard". Retrieved 13 March 2016.
6. "Weekend exchange-rate surcharge clarification". Retrieved 2017-12-05.
7. "Revolut FAQ". Revolut. Retrieved 11 January 2016.
8. "About Revolut". Retrieved 2016-09-11.
9. "Revolut Deck". SlideShare. 2015-01-14. Retrieved 2016-09-11.
10. ^ Salter, Philip. "London Fintech Entrepreneur Talking About A Revolution". Forbes.
11. Dillet, Romain (8 February 2017). "Revolut launches current accounts and a chatbot". Retrieved 8 February 2017.

External links

• Official website

• Foreign exchange companies
• Digital currency exchange
• Financial services companies of the United Kingdom