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Fintech: What is Revolut?

Revolut is a fintech company and a "digital bank” that offers digital banking services, debit card, peer-to-peer payments, currency exchange, multi-currency cards, vaults for budgeting and saving money, mobile phone and overseas medical insurance and the option to buy cryptocurrency. You can do all that just in one mobile app.

Revolut app and service is free but it also offers monthly subscription plans with more benefits.

Revolut's services are currently only available in Europe and Australia, but the company has plans to expand into North America, Singapore and Hong Kong soon.

Revolut has been granted an EU banking licence in 2020 by the European Central Bank. It still aims to acquire a full UK banking licence.

Quick stats

  • Revolut has over 8 million users at this time
  • It was founded by Nikolay Storonsky and Vlad Yetsenko in 2015.
  • Revolut’s headquartered in London, with offices in over 20 locations worldwide.
  • Revolut made £58.2 million revenue in FY 2018.
  • Revolut has a $1.7 billion market valuation
     

Why are we talking about Revolut?

Fintech is a big part of digital transformation and digital banking is definetly something we need to pay attention to.

 

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