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'''Revolut Ltd''' is a UK ] company 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 29 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 ] company 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 29 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 exposure to (] (BTC), ] (ETH), ] (LTC), ] (BCH), XRP by exchanging to/from 25 ]; however, the exposure to cryptocurrencies remains 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 (with a fair usage policy<ref>{{Cite web|url=https://www.revolut.com/en-US/fair-usage-policy/|title=Fair Usage Policy {{!}} Revolut|website=www.revolut.com|access-date=2019-04-07}}</ref>), 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>


The ]-based ] was founded by ] and Vlad Yatsenko. The company originally was based in Level39, a ] incubator in ], ].<ref>{{cite web |title=Are You Ready To Give Fintech A Try? |url=https://www.forbes.com/consent/?toURL=https://www.forbes.com/sites/enriquedans/2018/04/29/are-you-ready-to-give-fintech-a-try/ |website=] |accessdate=12 June 2018}}</ref> The ]-based ] was founded by ] and Vlad Yatsenko. The company originally was based in Level39, a ] incubator in ], ].<ref>{{cite web |title=Are You Ready To Give Fintech A Try? |url=https://www.forbes.com/consent/?toURL=https://www.forbes.com/sites/enriquedans/2018/04/29/are-you-ready-to-give-fintech-a-try/ |website=] |accessdate=12 June 2018}}</ref>
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On 26 April 2018, Revolut announced that it had raised a further $250 million in a funding round led by ]-based ], reaching a total valuation of $1.7 billion and thus becoming a ].<ref>{{cite news|last1=Munford|first1=Monty|title=Revolut launches current accounts and a chatbot|url=https://www.forbes.com/sites/montymunford/2018/04/26/revolut-raises-250-million-at-1-7-billion-valuation-and-targets-100-million-users/|accessdate=26 April 2018|date=26 April 2018}}</ref> DST being led by ], who has been backed by ] in his previous investments.<ref>{{Cite news|url=https://www.nytimes.com/2017/11/05/world/yuri-milner-facebook-twitter-russia.html|title=Kremlin Cash Behind Billionaire’s Twitter and Facebook Investments|last=Drucker|first=Jesse|date=2017-11-05|work=The New York Times|access-date=2019-01-31|language=en-US|issn=0362-4331}}</ref> On 26 April 2018, Revolut announced that it had raised a further $250 million in a funding round led by ]-based ], reaching a total valuation of $1.7 billion and thus becoming a ].<ref>{{cite news|last1=Munford|first1=Monty|title=Revolut launches current accounts and a chatbot|url=https://www.forbes.com/sites/montymunford/2018/04/26/revolut-raises-250-million-at-1-7-billion-valuation-and-targets-100-million-users/|accessdate=26 April 2018|date=26 April 2018}}</ref> DST being led by ], who has been backed by ] in his previous investments.<ref>{{Cite news|url=https://www.nytimes.com/2017/11/05/world/yuri-milner-facebook-twitter-russia.html|title=Kremlin Cash Behind Billionaire’s Twitter and Facebook Investments|last=Drucker|first=Jesse|date=2017-11-05|work=The New York Times|access-date=2019-01-31|language=en-US|issn=0362-4331}}</ref>


As of November 2018 the company claimed to have over 3 million users.<ref>{{Cite web|url=https://blog.revolut.com/are-you-ready-for-your-next-challenge/|title=Are you ready for your next challenge?|last=|first=|date=2018-11-14|website=Revolut Blog|archive-url=|archive-date=|dead-url=|access-date=2019-01-20}}</ref> As of February 2019 the company claimed to have over 4 million users.<ref>{{Cite web|url=https://www.facebook.com/revolutapp/videos/1012418352274651/|title=Revolut|website=www.facebook.com|language=en|access-date=2019-04-07}}</ref>
Unpaid job applicants may have recruited some of the clients.<ref>{{Cite news
| author = Emiliano Mellino
| title = Revolut insiders reveal the human cost of a fintech unicorn's wild rise
| date = 2019-03-28
| url = https://www.wired.co.uk/article/revolut-trade-unions-labour-fintech-politics-storonsky
| work = ]
}}</ref><ref>{{Cite news|url=https://techcrunch.com/2018/11/28/revolut-is-ready-to-launch-in-singapore-and-japan/|title=Revolut is ready to launch in Singapore and Japan|work=TechCrunch|access-date=2018-11-29|language=en-US}}</ref>


In December 2018, Revolut secured a ] licence from ], facilitated by the ]. 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.<ref>{{Cite web|url=https://www.lb.lt/en/news/revolut-granted-specialised-bank-and-electronic-money-institution-licences|title=Revolut granted specialised bank and electronic money institution licences|website=www.lb.lt|language=en|access-date=2018-12-13}}</ref><ref>{{Cite web|url=https://www.ft.com/content/989904f0-fe2c-11e8-aebf-99e208d3e521|title=Lithuania licence lets Revolut launch banking products|last=|first=|date=|website=Financial Times|language=en-GB|archive-url=|archive-date=|dead-url=|access-date=2018-12-13}}</ref> In December 2018, Revolut secured a ] licence from ], facilitated by the ]. 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.<ref>{{Cite web|url=https://www.lb.lt/en/news/revolut-granted-specialised-bank-and-electronic-money-institution-licences|title=Revolut granted specialised bank and electronic money institution licences|website=www.lb.lt|language=en|access-date=2018-12-13}}</ref><ref>{{Cite web|url=https://www.ft.com/content/989904f0-fe2c-11e8-aebf-99e208d3e521|title=Lithuania licence lets Revolut launch banking products|last=|first=|date=|website=Financial Times|language=en-GB|archive-url=|archive-date=|dead-url=|access-date=2018-12-13}}</ref>


In September 2018, Revolut was 3rd in LinkedIn's best startups to work for in the UK.<ref>{{Cite web|url=https://www.linkedin.com/pulse/linkedin-top-startups-2018-25-most-sought-after-uk-isabelle-roughol|title=LinkedIn Top Startups 2018: The 25 most sought-after startups in the UK|website=www.linkedin.com|language=en|access-date=2019-04-07}}</ref>
In February 2019, an expose of the company's employment practices and culture was published by ] magazine. This found evidence of unpaid work, high turnover and employees being ordered to work weekends to meet ]s.<ref>{{Cite news|url=https://www.wired.co.uk/article/revolut-trade-unions-labour-fintech-politics-storonsky|title=Revolut insiders reveal the human cost of a fintech unicorn's wild rise|work=Wired|access-date=2019-03-01|language=en-UK}}</ref>


In February 2019, an expose of the company's employment practices and culture was published by ] magazine.
⚫ In March 2019, it was revealed the company's Chief Financial Officer had quit, following allegations of compliance lapses. <ref>{{Cite news|url=https://techcrunch.com/2019/03/01/revolut-cfo-peter-ohiggins-resigns//|title=Revolut CFO resigns following money laundering controversy|work=TechCrunch|access-date=2019-03-01|language=en-UK}}</ref>

⚫ In March 2019, it was revealed the company's Chief Financial Officer had quit, following allegations of compliance lapses.<ref>{{Cite news|url=https://techcrunch.com/2019/03/01/revolut-cfo-peter-ohiggins-resigns//|title=Revolut CFO resigns following money laundering controversy|work=TechCrunch|access-date=2019-03-01|language=en-UK}}</ref>


== References == == References ==

Revision as of 20:04, 7 April 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 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. The Revolut mobile app supports spending and ATM withdrawals in 120 currencies and sending in 29 currencies directly from the app. It also gives customers exposure to (Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), XRP by exchanging to/from 25 fiat currencies; however, the exposure to cryptocurrencies remains in the app and cannot be moved to another cryptocurrency wallet.

Revolut currently charges no fees for the majority of its services (with a fair usage policy), 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. DST being led by Yuri Milner, who has been backed by Kremlin in his previous investments.

As of February 2019 the company claimed to have over 4 million users.

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.

In September 2018, Revolut was 3rd in LinkedIn's best startups to work for in the UK.

In February 2019, an expose of the company's employment practices and culture was published by Wired magazine.

In March 2019, it was revealed the company's Chief Financial Officer had quit, following allegations of compliance lapses.

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. "Fair Usage Policy | Revolut". www.revolut.com. Retrieved 2019-04-07.
  6. "Revolut on Twitter". Twitter. Retrieved 2016-06-19.
  7. "Revolut: Not necessarily cheaper than an(y) other Mastercard". Retrieved 13 March 2016.
  8. "Weekend exchange-rate surcharge clarification". Retrieved 2017-12-05.
  9. "Are You Ready To Give Fintech A Try?". Forbes. Retrieved 12 June 2018.
  10. Munford, Monty (26 April 2018). "Revolut launches current accounts and a chatbot". Retrieved 26 April 2018.
  11. 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.
  12. "Revolut". www.facebook.com. Retrieved 2019-04-07.
  13. "Revolut granted specialised bank and electronic money institution licences". www.lb.lt. Retrieved 2018-12-13.
  14. "Lithuania licence lets Revolut launch banking products". Financial Times. Retrieved 2018-12-13. {{cite web}}: Cite has empty unknown parameter: |dead-url= (help)
  15. "LinkedIn Top Startups 2018: The 25 most sought-after startups in the UK". www.linkedin.com. Retrieved 2019-04-07.
  16. "Revolut CFO resigns following money laundering controversy". TechCrunch. Retrieved 2019-03-01.

External links

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