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{{merge from|Nikolay Storonsky|date=October 2018}}
{{short description|Financial technology company}}
{{Infobox company {{Infobox company
| name = Revolut Ltd |name = Revolut Ltd
| logo = Revolut.png |logo = Revolut.svg
| logo size = |logo size =
| logo alt = |logo alt =
| collapsible = <!-- "yes" or "no" --> |collapsible = <!-- "yes" or "no" -->
| screenshot = |screenshot =
| screenshot size = <!-- width in pixels, with "px" suffix --> |screenshot size = <!-- width in pixels, with "px" suffix -->
| screenshot alt = |screenshot alt =
| caption = |caption =
| type = ] |type = ]
| traded as = |traded as =
| founded = {{start date and age|2015|07|01|df=yes}}<ref name="angellist-revolut">{{cite web |url=https://angel.co/revolut | title=Revolut company profile | publisher=AngelList | access-date=11 January 2016}}</ref> |founded = {{start date and age|2015|07|01|df=yes}}<ref name="angellist-revolut">{{cite web |url=https://angel.co/revolut | title=Revolut company profile | publisher=AngelList | accessdate=11 January 2016}}</ref>
| dissolved = <!-- {{start date and age|year|month|day}} --> |dissolved = <!-- {{start date and age|year|month|day}} -->
| predecessor = |predecessor =
| successor = |successor =
| location = ], England, UK |location = ], ]
| coordinates = |coordinates =
| country of origin = |country of origin =
| locations = |locations =
| area served = |area served =
| founder = Nikolay Storonsky<br>Vlad Yatsenko |founder = ], Vlad Yatsenko
| president = |president =
| key_people = Nikolay Storonsky<br>(])<br>Vladyslav Yatsenko<br>(])<br>]<br>(], Revolut USA) |key_people = ] (])
| MD = |MD =
| GM = |GM =
|key people =
| industry = ] |industry = ]
| products = ], debit cards, ], ], ], ]
|products = current accounts, debit cards, insurance, peer-to-peer lending, remittance
| services = Peer-to-peer payments, Currency Exchange |services = peer-to-peer payments, currency exchange
| revenue = {{increase}} £58.24 million (2018)<ref>{{cite web|url=https://craft.co/revolut/revenue|title=Revolut revenue|publisher=Craft|access-date=15 November 2019}}</ref>
|revenue =
| operating income = |operating income =
| international = <!-- "yes" or "no" --> |international = <!-- "yes" or "no" -->
| net income = |net income =
| assets =
|assets =
| owner =
|owner =
| num_employees = 1,596<ref>{{cite news|url=https://craft.co/revolut|title=Revolut Company Profile |publisher=Craft|access-date=9 December 2019}}</ref>
|num_employees = 400
| num_employees_year = 2019
|num_employees_year = 2018<ref>{{cite web|title=British fintech startup Revolut to seek U.S. banking license: CEO|url=https://www.reuters.com/article/us-banks-fintech-revolut/british-fintech-startup-revolut-to-seek-u-s-banking-license-ceo-idUSKCN1J024H|website=]|accessdate=4 June 2018}}</ref>
| parent =
|parent =
| divisions = |divisions =
| subsidiaries = |subsidiaries =
| website = {{url|revolut.com}} |website = {{url|www.revolut.com}}
| footnotes = |footnotes =
}} }}


'''Revolut Ltd''' is a digital banking alternative that includes a pre-paid debit card (MasterCard or VISA), currency exchange, cryptocurrency CFDs (contracts for difference) exchange (] (BTC), ] (ETH), ] (LTC), ] (BCH), ] (XRP) 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> 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|title=Revolut: Not necessarily cheaper than an(y) other Mastercard|url=https://metabubble.net/payment-cards-bank-accounts/revolut-not-necessarily-cheaper-than-any-other-mastercard/#Fixed_weekend_exchange_rate|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 Revolut App gives customers instant access to Bitcoin, Ethereum, Litecoin, Bitcoin Cash and Ripple by exchanging to/from 25 fiat currencies. 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 British ] company headquartered in ], ] that offers banking services. It was founded in 2015 by Nikolay Storonsky and Vlad Yatsenko.


The ]-based ] was founded by ] and Vlad Yatsenko and currently supports spending and ] withdrawals in 120 currencies and sending in 26 currencies directly from the mobile app.<ref name="revolutfaq">{{cite web |url=https://revolut.com/FAQ | title=Revolut FAQ | publisher=Revolut | accessdate=11 January 2016}}</ref>
⚫ == History ==
⚫ Revolut was founded on 1 July 2015<ref name="angellist-revolut" /> by Nikolay Storonsky and Vlad Yatsenko. The company was originally 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/|last=Dan|first=Enriques|date=29 April 2018|website=]|access-date=12 June 2018}}</ref>


⚫ The company originally was based in Level39, a ] incubator in ], London.<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>
⚫ 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 $1.8 billion and thus becoming a ].<ref>{{cite news|url=https://www.forbes.com/sites/montymunford/2018/04/26/revolut-raises-250-million-at-1-7-billion-valuation-and-targets-100-million-users/|title=Revolut launches current accounts and a chatbot|last1=Munford|first1=Monty|date=26 April 2018|work=]|access-date=26 April 2018}}</ref> DST Global was founded by ], who has been backed by the ] 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=5 November 2017|work=]|access-date=31 January 2019|language=en-US|issn=0362-4331}}</ref>


⚫ == History ==
⚫ In December 2018, Revolut secured a ] licence from ], facilitated by the ], authorising it to accept deposits and offer consumer credits, but not to provide investment services. At the same time, an Electronic Money Institution licence was also 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|date=13 December 2018|website=Bank Of Lithuania|language=en|access-date=13 December 2018}}</ref><ref>{{Cite web|url=https://www.ft.com/content/989904f0-fe2c-11e8-aebf-99e208d3e521|title=Lithuania licence lets Revolut launch banking products|last=Megaw|first=Nicholas|date=13 December 2018|website=Financial Times|language=en-GB|access-date=13 December 2018}}</ref>


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"<ref name="about-page">{{cite web|url=https://revolut.com/about|title=About Revolut|accessdate=2016-09-11}}</ref> by removing hidden fees and offering ]. Nikolay Storonsky, a former trader at ] and ],<ref name="revolut-deck">{{cite web|url=http://www.slideshare.net/NikolayStoronsky/revolut-deck-140115|title=Revolut Deck|publisher=]|date=2015-01-14|accessdate=2016-09-11}}</ref> said in an interview with Forbes that:
In March 2019, the company's ] Peter Higgins resigned. '']'' reported that he 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|last=Russell|first=Joe|work=]|access-date=1 March 2019|language=en-UK}}</ref> however Revolut denied that he had left for these reasons.<ref>{{Cite web|url=https://blog.revolut.com/let-me-sec-the-record-straight/|title=Let me set the record straight|date=1 March 2019|website=Revolut Blog|access-date=14 October 2019}}</ref>
{{Quote|text=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.<ref name="forbes-interview">{{cite web|last1=Salter|first1=Philip|url=https://www.forbes.com/sites/philipsalter/2015/12/09/london-fintech-entrepreneur-talking-about-a-revolution/|website=Forbes|title=London Fintech Entrepreneur Talking About A Revolution}}</ref>}}


Alongside Vladyslav Yatsenko, former ] and ] developer, Storonsky set up Revolut and raised around $3.5 million.<ref name="forbes-interview" />
In July 2019, Revolut launched commission-free stock trading in ] and ], initially for customers in its Metal plan.<ref>{{Cite web|url=https://www.ft.com/content/a50349ae-b3ac-11e9-bec9-fdcab53d6959|title=Subscribe to read|website=Financial Times|language=en-GB|access-date=9 August 2019}}</ref> This was subsequently made available to all users.<ref>{{Cite web|url=https://www.which.co.uk/news/2019/09/revolut-makes-stock-trading-free-for-all-customers-is-now-the-time-to-invest/|title=Should you trade stocks for free with Revolut?|website=Which? News|language=en-US|access-date=14 October 2019}}</ref>


On 8 February 2017, Revolut launched UK ], enabling its customers to get a personal ].<ref>{{cite news|last1=Dillet|first1=Romain|title=Revolut launches current accounts and a chatbot|url=https://techcrunch.com/2017/02/08/revolut-launches-current-accounts-and-a-chatbot/|accessdate=8 February 2017|date=8 February 2017}}</ref> In July 2017, Revolut started doing the same for personal ] IBANs.
In August 2019, the company announced several hires with experience in traditional banking, including Wolfgang Bardorf, formerly executive director at ] and the global head of liquidity models and methodologies at ], Philip Doyle, previously head of financial crime at ClearBank and fraud prevention manager at ], and Stefan Wille, previously senior vice-president of finance at ] and corporate finance manager at ].<ref>{{Cite news|url=https://www.ft.com/content/a85c2904-c586-11e9-a8e9-296ca66511c9|title=Revolut bolsters senior team with banking executives|date=23 August 2019|website=FT|access-date=16 November 2019|language=en}}</ref>


⚫ 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 ].<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>
In October 2019, the company announced a global deal with Visa, following which it would expand into 24 new markets and hire around 3,500 additional staff.<ref>{{Cite web|url=https://www.siliconrepublic.com/companies/revolut-visa-deal-fintech-markets|title=New deal with Visa will see Revolut hire thousands, expand into 24 markets|last=Short|first=Eva|date=30 September 2019|website=Silicon Republic|language=en|access-date=7 October 2019}}</ref>


As of June 2018 the company claimed to have over 2 million users.<ref>{{cite web |title=Fintech start-up Revolut grabs 2 million users and plans to launch commission-free trading service |url=https://www.cnbc.com/2018/06/07/revolut-has-2-million-users-to-launch-commission-free-trading-service.html |website=] |accessdate=12 June 2018}}</ref><ref>{{cite web |title=UK fintech start-up Revolut reaches 2 million users |url=https://www.telegraph.co.uk/technology/2018/06/07/uk-fintech-start-up-revolut-reaches-2-million-users/ |website=] |accessdate=12 June 2018}}</ref>
In February 2020, Revolut completed a funding round that more than tripled its value, valuing the company at £4.2 billion and becoming the United Kingdom's most valuable financial technology startup.<ref>{{Cite news|first=Kalyeena |last=Makortoff |url=https://www.theguardian.com/business/2020/feb/25/digital-bank-revolut-becomes-uk-most-valuable-fintech-startup-cash-injection-airbnb-spotify|title=Digital bank Revolut becomes UK's most valuable fintech startup|date=25 February 2020|work=The Guardian|access-date=25 February 2020|language=en-GB|issn=0261-3077}}</ref>


In November 2018, the company secured licences to operate in Singapore and Japan. It expects to launch its service in Q1 2019. In Singapore, the company was granted a Remittance License by the Monetary Authority and a Stored Value Facility approval — these two things combined let Revolut  users hold money as well as send and spend money. In Japan, the company has been authorized to operate by Japan’s Finance Service Agency.<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 August 2020, Revolut launched its financial app in Japan.<ref>{{Cite web|title=Revolut launches its financial app in Japan|url=https://social.techcrunch.com/2020/09/07/revolut-launches-its-financial-app-in-japan/|access-date=2020-09-08|website=TechCrunch|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 November 2020 Revolut became profitable.<ref>{{Cite web|last=Browne|first=Ryan|date=2020-12-08|title=Revolut, Europe's $5.5 billion digital bank, quietly broke even in November|url=https://www.cnbc.com/2020/12/08/digital-bank-revolut-breaks-even-in-november.html|access-date=2020-12-11|website=CNBC|language=en}}</ref>

==Founder==
Nikolay Storonsky is the ] of Revolut. He is a ]-]n ].<ref>{{Cite web|
url=https://www.businessinsider.com/fintech-unicorn-revolut-forced-to-deny-russian-links-in-lithuania-2019-2|title=UK fintech unicorn Revolut forced to deny links to Russia|last=Burroughs|first=Callum|website=Business Insider|access-date=29 April 2019}}</ref><ref name="cityam">{{Cite web|
url=http://www.cityam.com/273560/fintech-startup-revolut-pushes-ministers-fast-track-tech|title=Revolut pushes ministers for fast-track tech visas|last=Nicolle|first=Emily|date=21 February 2019|website=www.cityam.com|language=en|access-date=29 April 2019}}</ref><ref name="telegraph">{{Cite news|
url=https://www.telegraph.co.uk/business/2018/04/10/revolut-boss-nikolay-storonsky-never-seen-big-bank-do-something/|title=Revolut boss Nikolay Storonsky: 'I've never seen a big bank do something cool – if they did, we wouldn't exist'|last=Smith|first=Edwin|date=10 April 2018|work=The Telegraph|access-date=29 April 2019|language=en-GB|issn=0307-1235}}</ref><ref name="FT">{{cite web|
url=https://www.ft.com/content/6f26d10a-051d-11e8-9650-9c0ad2d7c5b5|title=Revolut's Nikolay Storonsky on long hours and high staff turnover|author=Kadhim Shubber |work=]|date=18 February 2018|access-date=13 March 2018}}</ref><ref name="BI">{{cite web|
url=http://www.businessinsider.com/interview-revolut-nikolay-storonsky-culture-rapid-growth-2017-10|title=Our culture is 'about getting s**t done': The Revolut founder on why his people work 12-13 hours a day|author=Oscar Williams-Grut |work=]|date=13 October 2017|access-date=13 March 2018}}</ref> He studied for a master's degree in physics at ], and during this time became a state champion swimmer.<ref name=ft>{{cite web|title=Revolut's Nikolay Storonsky on long hours and high staff turnover|url=https://www.ft.com/content/6f26d10a-051d-11e8-9650-9c0ad2d7c5b5|website=]|access-date=16 May 2018}}</ref> He completed a separate masters in economics at ] in ].<ref name="ft"/> Prior to founding Revolut, Storonsky was a ] at ] and ].<ref name="revolut-deck">{{cite web|url=http://www.slideshare.net/NikolayStoronsky/revolut-deck-140115|title=Revolut Deck|publisher=]|date=14 January 2015|access-date=11 September 2016}}</ref> Alongside Vlad Yatsenko, former ] and ] developer, Storonsky set up Revolut and raised around $3.5 million,<ref name="forbes-interview" /> saying in an interview with Forbes: {{Quote|text=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.<ref name="forbes-interview">{{cite web|last1=Salter|first1=Philip|url=https://www.forbes.com/sites/philipsalter/2015/12/09/london-fintech-entrepreneur-talking-about-a-revolution/|website=Forbes|title=London Fintech Entrepreneur Talking About A Revolution}}</ref>}}

His father Nikolay Mironovich Storonsky<ref>{{Cite web|url=https://www.delfi.lt/a/80164183|title=LRT: отец главы Revolut Сторонского работает в "Газпроме"|last=BNS|website=DELFI|access-date=27 March 2019}}</ref> is Deputy ] of Science for ] since 2017, and First Deputy General Director for Science ] OAO.<ref> (] info)</ref>

== Services ==
Revolut offers banking services including ] and ] ]s, ]s, fee-free ], ], ] exchange and ] payments.<ref name="techcrunch1">{{cite web|title=Revolut Raises $2.3 Million For Its Mobile Foreign Exchange Service|url=https://techcrunch.com/2015/07/20/revolut-raises-2-3-million-for-its-mobile-foreign-exchange-service/|author=Dillet|first=Romain|date=20 July 2015|website=]|access-date=11 January 2016}}</ref> Revolut's ] supports spending and ] withdrawals in 120 currencies and sending in 29 currencies directly from the app. It also provides customers access to ] such as ], ], ], ], and ] by exchanging with 25 ].<ref>{{Cite news|last=Kyburz|first=Kevin|date=29 January 2018|title=Banking App for Travelers – Revolut Converts Currencies Minus the Fees!|language=en-US|work=Medium|url=https://futuretravel.today/banking-app-for-travelers-revolut-converts-currencies-minus-the-fees-e6f40c36f0a6|access-date=5 October 2020}}</ref>

If a payment is made at weekends, Revolut adds an extra 0.5% to 2% fees so as to protect against exchange rate fluctuations.<ref>{{Cite web|url=https://www.revolut.com/help/getting-started/exchanging-currencies/what-foreign-exchange-rate-will-i-get|title=What foreign exchange rate will I get? &#124; Revolut Help Centre|website=www.revolut.com}}</ref>

== Controversies ==
=== Automated suspension of accounts ===
Revolut, in common with traditional financial institutions, uses algorithms to identify ], fraud and other criminal activity, but unlike the rest of the banking industry, Revolut's algorithms additionally trigger an automated suspension of accounts. Revolut explains that "the system is programmed to temporarily lock an account and place it in a queue, until one of our compliance agents can review the case".<ref>{{cite web |last1=Braileanu |first1=Rob |title=Why has my account been locked and how to regain access? |url=https://blog.revolut.com/why-has-my-account-been-locked-and-how-to-regain-access/ |website=Revolut |publisher=Revolut Ltd |access-date=23 February 2020}}</ref>

It is increasingly reported that Revolut's algorithms suspend a growing number of accounts in error for weeks or months at a time because Revolut does not have sufficient compliance agents to review the automated suspensions, and that while Revolut pays no interest on the large suspended balances, Revolut can earn interest on the funds in wholesale ]. Customers whose accounts are suspended are blocked from contacting Revolut's usual support channel and instead receive automated responses from a ].<ref>{{cite news |last1=Marks |first1=Oliver |title=Revolut's clumsy automated bank compliance results in frozen accounts and lack of customer service |url=https://www.zdnet.com/article/revoluts-clumsy-automated-fintech-bank-compliance-results-in-frozen-accounts-and-lack-of-customer-service/ |access-date=23 February 2020 |work=ZDNet |publisher= CBS Interactive |date=17 January 2019}}</ref><ref>{{cite news |last1=Barker |first1=Sam |title=Revolut customers locked out of accounts 'for weeks' |url=https://www.telegraph.co.uk/personal-banking/current-accounts/revolut-customers-locked-accounts-weeks/ |access-date=23 February 2020 |work=The Telegraph |publisher=The Daily Telegraph |date=21 January 2020}}</ref><ref>{{cite news |last1=Palmer |first1=Kate |title=Monzo and Revolut: customer complaints are mounting at digital banks |url=https://www.thetimes.co.uk/article/monzo-and-revolut-customer-complaints-are-mounting-at-digital-banks-p9fm3xjmj |access-date=23 February 2020 |work=The Times |publisher=The Times |date=8 February 2020}}</ref> The ] reported that Revolut suspended an account containing £90,000 for more than two months<ref>{{cite news |last1=Hunt |first1=Marianna |title=Revolut could face lawsuit from customers locked out of their accounts |url=https://www.telegraph.co.uk/money/consumer-affairs/revolut-could-face-lawsuit-customers-locked-accounts/ |access-date=23 February 2020 |work= The Telegraph |publisher= The Daily Telegraph |date=25 January 2000}}</ref> and that another customer travelled 500 miles from ] in France to Revolut's London offices in an unsuccessful attempt to recover £15,000 in an account that Revolut had similarly frozen without any justification being given.<ref>{{cite news |last1=Hunt |first1=Marianna |title=Ex-UCL lecturer forced to travel to London from France in attempts to unblock digital bank account |url=https://www.telegraph.co.uk/news/2020/01/24/ex-ucl-lecturer-forced-travel-london-france-attempts-unblock/ |access-date=27 February 2020 |work=The Telegraph |publisher=The Daily Telegraph |date=24 January 2020}}</ref> In a further case reported by ], Revolut suspended and subsequently closed a business account containing €300,000 belonging to Priorité Energie, which "helps low-income families in Paris to insulate their homes under a government initiative", preventing the company from paying its staff.<ref>{{cite news |last1=Dunkley |first1=Emma |title=Nikolay Storonsky's Revolut freezes accounts in money-laundering bungle |url=https://www.thetimes.co.uk/article/nikolay-storonskys-revolut-freezes-accounts-in-money-laundering-bungle-5nt3lv6zk |access-date=23 February 2020 |work=The Times |publisher=The Times |date=23 February 2020}}</ref>

According to Finews.com, Revolut's public ] contain almost 500 complaints by customers about locked accounts and a lack of response from Revolut's support team.<ref>{{cite news |title=Revolut: Blocked Accounts |url=https://www.finews.com/news/english-news/42721-revolut-blocked-accounts-money-laundering |access-date=1 September 2020 |work=finews.com |publisher=finews AG |date=1 September 2020}}</ref> Many customers in each forum thread report a total loss of access to their money.<ref>{{cite web |url=https://community.revolut.com/t/account-locked-support-chat-doesnt-work/5188/ |website= Revolut Community |title= Account locked - support chat doesn't work |access-date=21 May 2020}}</ref><ref>{{cite web |url=https://community.revolut.com/t/blocked-account-unhelpful-customer-service/14438 |website= Revolut Community |title= Blocked Account - Unhelpful Customer Service |access-date=21 May 2020}}</ref><ref>{{cite web |url=https://community.revolut.com/t/account-blocked-for-no-reason/16758 |website= Revolut Community |title= Account blocked for no reason? |access-date=21 May 2020}}</ref><ref>{{cite web |url=https://community.revolut.com/t/my-accout-has-been-locked-and-i-cant-access-my-money/17106/ |website= Revolut Community |title= My accout has been locked and i cant access my money! |access-date=21 May 2020}}</ref><ref>{{cite web |url=https://community.revolut.com/t/locked-account/18145 |website= Revolut Community |title=Locked account. |access-date=21 May 2020}}</ref><ref>{{cite web |url=https://community.revolut.com/t/account-blocked-from-my-revolut-account/51034 |website= Revolut Community |title= Account blocked from my revolut account |access-date=21 May 2020}}</ref><ref>{{cite web |url=https://community.revolut.com/t/covid-19-more-than-13k-portfolio-revolut-locked-account-since-13-03-2020-due-funds-verification-sharing-my-user-experience-unsolved/152948 |website= Revolut Community |title= COVID 19 sob more than 13k Portfolio - Revolut Locked Account Since 13/03/2020 due funds verification - Sharing My User Experience! |access-date=21 May 2020}}</ref> Finews also reported that Revolut asked a customer to provide to Revolut her tax statement and subsequently tax statements of people who had sent her small amounts of money, and that when she failed to provide the tax statements of those third parties, Revolut blocked her account without giving due notice.{{Citation needed|date=October 2020}}

=== Employment practices ===
In March 2019, ] published an exposé of the company's employment practices and work culture. This found evidence of unpaid work, high staff 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|last=Mellino|first=Emiliano|date=28 February 2019|work=Wired|access-date=1 March 2019|language=en-UK}}</ref> A later article in December 2019 by ''Sifted'' noted that Revolut had a higher rating than its peers on ].<ref>{{Cite web|url=https://sifted.eu/articles/challenger-banks-monzo-starling-revolut-n26-compared/|title=Digital banks Monzo, Revolut, Starling and N26 compared|website=Sifted|language=en-GB|access-date=20 December 2019}}</ref>

In June 2020, ''Wired'' published a further exposé of Revolut's dismissal of employees during the ], in which employees, particularly in ], were given the choice of being terminated for underperformance or a mutual agreement to leave the company voluntarily, in order to reduce the headline number of 62 redundancies announced by Revolut. The report explained that "Current and former Revolut employees say staff were coerced into accepting terminations, even though the company had no legal grounds to fire them" and that employees in ] were pressured into agreeing to a salary sacrifice scheme in order to keep their jobs.<ref>{{cite magazine |last1=Emiliano |first1=Mellino |title=Revolut staff claim they've been told to quit their jobs or be fired |url=https://www.wired.co.uk/article/revolut-employment-coronavirus |access-date=5 June 2020 |magazine=Wired |date=4 June 2020}}</ref> According to ''Wired'', in a message sent to the 495-strong customer support team on ] shortly after the salary sacrifice scheme was announced, head of support Inna Grynova urged them to participate:

{{Quote
|text=“So far, almost 20 per cent of our employees globally have submitted their sacrifices. In Support we’ve gathered only 44 submitions (out of 495 employees) which is a very small number. Our goal is to use SSS as an alternative to the need of employees redundancy and other cost cuts. So the success of SSS depends on all of us. If it won’t be enough, unfortunately we would need to go for the other steps, which we’ll try to avoid. The positive impact of SSS can be achieved only when we work together.”
}}


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==External links== ==External links==
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Revision as of 18:32, 8 January 2021

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 employees400 (2018)
Websitewww.revolut.com

Revolut Ltd is a digital banking alternative that includes a pre-paid debit card (MasterCard or VISA), currency exchange, cryptocurrency CFDs (contracts for difference) exchange (Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Ripple (XRP) and peer-to-peer payments. 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 Revolut App gives customers instant access to Bitcoin, Ethereum, Litecoin, Bitcoin Cash and Ripple by exchanging to/from 25 fiat currencies. However, cryptocurrencies remain locked in the app and cannot be moved to another cryptocurrency wallet.

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 originally was 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 Vladyslav Yatsenko, former Credit Suisse and Deutsche Bank developer, 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, Revolut started doing the same for personal EUR IBANs.

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.

As of June 2018 the company claimed to have over 2 million users.

In November 2018, the company secured licences to operate in Singapore and Japan. It expects to launch its service in Q1 2019. In Singapore, the company was granted a Remittance License by the Monetary Authority and a Stored Value Facility approval — these two things combined let Revolut  users hold money as well as send and spend money. In Japan, the company has been authorized to operate by Japan’s Finance Service Agency.

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. "British fintech startup Revolut to seek U.S. banking license: CEO". Reuters. Retrieved 4 June 2018.
  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. "Banking App for Travelers – Revolut Converts Currencies Minus the Fees! | Kevin Kyburz". Kevin Kyburz. 2018-01-29. Retrieved 2018-02-11.
  8. "Revolut FAQ". Revolut. Retrieved 11 January 2016.
  9. "Are You Ready To Give Fintech A Try?". Forbes. Retrieved 12 June 2018.
  10. "About Revolut". Retrieved 2016-09-11.
  11. "Revolut Deck". SlideShare. 2015-01-14. Retrieved 2016-09-11.
  12. ^ Salter, Philip. "London Fintech Entrepreneur Talking About A Revolution". Forbes.
  13. Dillet, Romain (8 February 2017). "Revolut launches current accounts and a chatbot". Retrieved 8 February 2017.
  14. Munford, Monty (26 April 2018). "Revolut launches current accounts and a chatbot". Retrieved 26 April 2018.
  15. "Fintech start-up Revolut grabs 2 million users and plans to launch commission-free trading service". CNBC. Retrieved 12 June 2018.
  16. "UK fintech start-up Revolut reaches 2 million users". The Daily Telegraph. Retrieved 12 June 2018.
  17. "Revolut is ready to launch in Singapore and Japan". TechCrunch. Retrieved 2018-11-29.
  18. "Revolut granted specialised bank and electronic money institution licences". www.lb.lt. Retrieved 2018-12-13.
  19. "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

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