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Revolut

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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 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.

As of November 2018 the company claimed to have over 3 million users. Unpaid job applicants may have recruited some of the clients.

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 February 2019, an expose of the company's employment practices and culture was published by Wired magazine. This found evidence of unpaid work, high turnover and employees being ordered to work weekends to meet KPIs

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. "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. "Are you ready for your next challenge?". Revolut Blog. 2018-11-14. Retrieved 2019-01-20. {{cite web}}: Cite has empty unknown parameter: |dead-url= (help)
  12. Emiliano Mellino (2019-03-28). "Revolut insiders reveal the human cost of a fintech unicorn's wild rise". Wired.
  13. "Revolut is ready to launch in Singapore and Japan". TechCrunch. Retrieved 2018-11-29.
  14. "Revolut granted specialised bank and electronic money institution licences". www.lb.lt. Retrieved 2018-12-13.
  15. "Lithuania licence lets Revolut launch banking products". Financial Times. Retrieved 2018-12-13. {{cite web}}: Cite has empty unknown parameter: |dead-url= (help)
  16. "Revolut insiders reveal the human cost of a fintech unicorn's wild rise". Wired. Retrieved 2019-03-01.
  17. "Revolut CFO resigns following money laundering controversy". TechCrunch. Retrieved 2019-03-01.

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