Revolut is a digital banking alternative that includes a pre-paid debit card, currency exchange, cryptocurrency exchange and peer-to-peer payments.
The Revolut App gives customers instant access to Bitcoin, Ethereum, Litecoin, Bitcoin Cash and XRP by exchanging to/from 25 fiat currencies. However, they remain in the app and cannot be moved to another cryptocurrency wallet.
Revolut was founded in June 28, 2014 by Nikolay Storonsky and Vlad Yatsenko. The company is headquartered in London, UK.
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.
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
Revolut currently supports spending and ATM withdrawals in 120 currencies and sending in 26 currencies directly from the mobile app. The company is based in Level39, a financial technology incubator in Canary Wharf, London. There are now 12 million registered users on Revolut.
Revolut is backed by investors including DST Global, Technology Crossover Ventures (TCV), Global Founders Capital, Index Ventures, and Greyhound Capital among others. The company added another $80M in a new Series D financing on Jul 24, 2020, brining the rounds total to $580M. This additional financing brings Revolut's total funding to $916.4M to date.
Revolut achieved a $6B (£4.6B) valuation afer it had raised its Series Feb 2020. The company was previously valued at $1.7B from its Series C on Apr 26, 2018. Revolut was ranked 22nd on the 2017 Fintech100 List. In 2019, Revolut was named Deloitte’s fastest growing UK FinTech company.