Misplaced Pages

Revolut: Difference between revisions

Article snapshot taken from Wikipedia with creative commons attribution-sharealike license. Give it a read and then ask your questions in the chat. We can research this topic together.
Browse history interactively← Previous editNext edit →Content deleted Content addedVisualWikitext
Revision as of 09:11, 26 March 2019 edit213.86.66.211 (talk)No edit summary← Previous edit Revision as of 13:07, 31 March 2019 edit undo80.229.232.151 (talk)No edit summaryNext edit →
Line 45: Line 45:
}} }}


'''Revolut Ltd''' is a UK bank that offers ] services including a pre-paid ] (] or ]), ], ] exchange and ] payments.<ref name="techcrunch1">{{cite web |url=https://techcrunch.com/2015/07/20/revolut-raises-2-3-million-for-its-mobile-foreign-exchange-service/ | title=Revolut Raises $2.3 Million For Its Mobile Foreign Exchange Service | publisher=TechCrunch | date=20 July 2015 | accessdate=11 January 2016 | author=Dillet, Romain}}</ref> The Revolut ] supports spending and ] withdrawals in 120 currencies and sending in 26 currencies directly from the app.<ref name="revolutfaq">{{cite web|url=https://revolut.com/FAQ|title=Revolut FAQ|publisher=Revolut|accessdate=11 January 2016}}</ref> It also gives customers instant access to (] (BTC), ] (ETH), ] (LTC), ] (BCH), ] (XRP) by exchanging to/from 25 ]; however, cryptocurrencies remain locked in the app and cannot be moved to another ].<ref>{{Cite news|url=https://kevinkyburz.com/en/banking-app-for-travelers-revolut-converts-currencies-minus-the-fees/|title=Banking App for Travelers – Revolut Converts Currencies Minus the Fees! {{!}} Kevin Kyburz|date=2018-01-29|work=Kevin Kyburz|access-date=2018-02-11|language=en-US}}</ref> '''Revolut Ltd''' is a UK electronic money institution (Revolut Bank UAB is a Lithuanian subsidiary that holds a "special banking licence" by the Lithuanian Central Bank {{cite web|| url=https://www.lb.lt/en/sfi-financial-market-participants/revolut-bank-uab|title=Lithuanian Central Bank Register}}) that offers ] services including a pre-paid ] (] or ]), ], ] exchange and ] payments.<ref name="techcrunch1">{{cite web |url=https://techcrunch.com/2015/07/20/revolut-raises-2-3-million-for-its-mobile-foreign-exchange-service/ | title=Revolut Raises $2.3 Million For Its Mobile Foreign Exchange Service | publisher=TechCrunch | date=20 July 2015 | accessdate=11 January 2016 | author=Dillet, Romain}}</ref> The Revolut ] supports spending and ] withdrawals in 120 currencies and sending in 26 currencies directly from the app.<ref name="revolutfaq">{{cite web|url=https://revolut.com/FAQ|title=Revolut FAQ|publisher=Revolut|accessdate=11 January 2016}}</ref> It also gives customers instant access to (] (BTC), ] (ETH), ] (LTC), ] (BCH), ] (XRP) by exchanging to/from 25 ]; however, cryptocurrencies remain locked in the app and cannot be moved to another ].<ref>{{Cite news|url=https://kevinkyburz.com/en/banking-app-for-travelers-revolut-converts-currencies-minus-the-fees/|title=Banking App for Travelers – Revolut Converts Currencies Minus the Fees! {{!}} Kevin Kyburz|date=2018-01-29|work=Kevin Kyburz|access-date=2018-02-11|language=en-US}}</ref>


Revolut currently charges no fees for the majority of its services (but for a capped usage), and uses interbank exchange rates for its currency exchange on weekdays, and charge a markup from 0.5% to 1.5% on weekends.<ref name=":0">{{Cite web|url=https://twitter.com/revolutapp/status/709312529592356864|title=Revolut on Twitter|website=Twitter|access-date=2016-06-19}}</ref><ref name=":1">{{cite web|url=https://metabubble.net/payment-cards-bank-accounts/revolut-not-necessarily-cheaper-than-any-other-mastercard/#Fixed_weekend_exchange_rate|title=Revolut: Not necessarily cheaper than an(y) other Mastercard|accessdate=13 March 2016}}</ref><ref name="weekend surcharge">{{cite web|url=https://community.revolut.com/t/weekend-exchange-rate-surcharge-clarification/4483|title=Weekend exchange-rate surcharge clarification|accessdate=2017-12-05}}</ref> Revolut currently charges no fees for the majority of its services (but for a capped usage), and uses interbank exchange rates for its currency exchange on weekdays, and charge a markup from 0.5% to 1.5% on weekends.<ref name=":0">{{Cite web|url=https://twitter.com/revolutapp/status/709312529592356864|title=Revolut on Twitter|website=Twitter|access-date=2016-06-19}}</ref><ref name=":1">{{cite web|url=https://metabubble.net/payment-cards-bank-accounts/revolut-not-necessarily-cheaper-than-any-other-mastercard/#Fixed_weekend_exchange_rate|title=Revolut: Not necessarily cheaper than an(y) other Mastercard|accessdate=13 March 2016}}</ref><ref name="weekend surcharge">{{cite web|url=https://community.revolut.com/t/weekend-exchange-rate-surcharge-clarification/4483|title=Weekend exchange-rate surcharge clarification|accessdate=2017-12-05}}</ref>

Revision as of 13:07, 31 March 2019

It has been suggested that Nikolay Storonsky be merged into this article. (Discuss) Proposed since October 2018.
Revolut Ltd
Company typePrivate
IndustryFinTech
Founded1 July 2015; 9 years ago (2015-07-01)
FounderNikolay Storonsky, Vlad Yatsenko
HeadquartersLondon, United Kingdom
Key peopleNikolay Storonsky (CEO)
Productscurrent accounts, debit cards, insurance, peer-to-peer lending, remittance
Servicespeer-to-peer payments, currency exchange
Number of employees630+ (Dec 2018)
Websiterevolut.com

Revolut Ltd is a UK electronic money institution (Revolut Bank UAB is a Lithuanian subsidiary that holds a "special banking licence" by the Lithuanian Central Bank "Lithuanian Central Bank Register". {{cite web}}: Cite has empty unknown parameter: |1= (help)) that offers banking services including a pre-paid debit card (MasterCard or VISA), currency exchange, cryptocurrency exchange and peer-to-peer payments. The Revolut mobile app supports spending and ATM withdrawals in 120 currencies and sending in 26 currencies directly from the app. It also gives customers instant access to (Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Ripple (XRP) by exchanging to/from 25 fiat currencies; however, cryptocurrencies remain locked in the app and cannot be moved to another cryptocurrency wallet.

Revolut currently charges no fees for the majority of its services (but for a capped usage), and uses interbank exchange rates for its currency exchange on weekdays, and charge a markup from 0.5% to 1.5% on weekends.

The London-based startup was founded by Nikolay Storonsky and Vlad Yatsenko. The company originally was based in Level39, a financial technology incubator in Canary Wharf, London.

History

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.

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

References

  1. "Revolut company profile". AngelList. Retrieved 11 January 2016.
  2. Dillet, Romain (20 July 2015). "Revolut Raises $2.3 Million For Its Mobile Foreign Exchange Service". TechCrunch. Retrieved 11 January 2016.
  3. "Revolut FAQ". Revolut. Retrieved 11 January 2016.
  4. "Banking App for Travelers – Revolut Converts Currencies Minus the Fees! | Kevin Kyburz". Kevin Kyburz. 2018-01-29. Retrieved 2018-02-11.
  5. "Revolut on Twitter". Twitter. Retrieved 2016-06-19.
  6. "Revolut: Not necessarily cheaper than an(y) other Mastercard". Retrieved 13 March 2016.
  7. "Weekend exchange-rate surcharge clarification". Retrieved 2017-12-05.
  8. "Are You Ready To Give Fintech A Try?". Forbes. Retrieved 12 June 2018.
  9. Munford, Monty (26 April 2018). "Revolut launches current accounts and a chatbot". Retrieved 26 April 2018.
  10. Drucker, Jesse (2017-11-05). "Kremlin Cash Behind Billionaire’s Twitter and Facebook Investments". The New York Times. ISSN 0362-4331. Retrieved 2019-01-31.
  11. "Revolut is ready to launch in Singapore and Japan". TechCrunch. Retrieved 2018-11-29.
  12. "Revolut granted specialised bank and electronic money institution licences". www.lb.lt. Retrieved 2018-12-13.
  13. "Lithuania licence lets Revolut launch banking products". Financial Times. Retrieved 2018-12-13. {{cite web}}: Cite has empty unknown parameter: |dead-url= (help)

External links

Categories: