Available in Multilingual Industry FinTech Date founded 28 June 2014 | CEO Nikolay Storonsky Products Debit card Number of employees 15 | |
Services Travel money, currency exchange, peer-to-peer payments Slogan(s) "Simply Revolutionary" (current)
"The Global Money App"
"One Account. One App. One World" Motto "Simply Revolutionary" (current); "The Global Money App"; "One Account. One App. One World" Founders Nikolay Storonsky, Vlad Yatsenko Headquarters England, United Kingdom, London, United Kingdom | ||
Heath hunter the pleasure company revolution in paradise original video high quality
Revolut is a global money app that includes a debit card (MasterCard), currency exchange, and peer-to-peer payments. Revolut currently charges no fees for the majority of its services, and claims to use interbank rates for its currency exchange (except from week-end rates when markets are closed, where a 0.5% markup is added to the Friday rate for major currencies, 1% or more for other currencies ).
Contents
- Heath hunter the pleasure company revolution in paradise original video high quality
- Dub inc revolution album paradise
- History
- Services
- Fees
- Card Availability
- Company Funding
- Media Attention
- References
The London-based startup was founded by Nikolay Storonsky and Vlad Yatsenko and currently supports spending and ATM withdrawals in 90 currencies and sending in 23 currencies directly from the mobile app.
The company is based in Level39, a financial technology incubator in Canary Wharf, London.
Dub inc revolution album paradise
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 Vlad Yatsenko, former Credit Suisse and Deutsche Bank developer, and Tom Reay, former developer at Expedia and Ocado, Storonsky set up Revolut and raised around $3.5 million.
On 8 February, Revolut launched current accounts, enabling its customers to get a personal IBAN.
Services
Revolut provides the following functionality via its mobile app:
Revolut provides the following functionality via its debit card:
Fees
Revolut claims to use the spot interbank exchange rate when markets are open. At weekends, when the markets are closed, a fixed rate is used with a small spread (0.5%) between the buy and sell rate.
In February 2016, Revolut introduced a Fair Usage policy, limiting free ATM withdrawals to the equivalent of GBP £500 per calendar month (2% fee above £500), imposing a 3% fee for debit card top-ups in USD, and no longer providing the interbank rate for illiquid currencies such as the Russian Rouble or the Thai Baht.
in December 2016 the fair use policy was updated reducing the free ATM withdrawal limit to 200 Euros/GBP per month.
There is a postage charge for replacing a lost physical card.
Card Availability
As of December 2016, Revolut is available to legal residents of EU member states and some of its members' dependency territories. It aims to be available worldwide in the future.
Company Funding
In July 2015 Revolut announced it had received £1.5 million in venture capital funding from a consortium which included Balderton Capital, Seedcamp, and Venrex Investment Management.
Media Attention
Revolut is top of the charts for the best FX rates, as seen on Which and was recognized by industry leaders such as KPMG’s exclusive 2015 list naming Revolut as 1 of 50 FinTech companies to watch. Revolut was awarded Best Emerging Payments Startup and named 1 of 3 favorites at TechCrunch London Disrupt Startup Alley by their top editors.