Revolut

Last updated
Revolut Group Holdings Ltd. Under hsbc uk
Company type Private
Industry Financial technology
Founded1 July 2015;9 years ago (2015-07-01)
Founders
Headquarters London, England, UK
Area served
 UK, EEA, Switzerland, Australia, NZ, Japan, Singapore, US, Brazil
Key people
Products current accounts, debit cards, stock trading, personal loan, foreign exchange, insurance, BNPL, Business account
ServicesPeer-to-peer payments, currency exchange
RevenueIncrease2.svg £1.8 billion (2023) [1]
Increase2.svg £438 million (2023) [1]
Increase2.svg £344 million (2023) [1]
Total assets Increase2.svg £17.4 billion (2023) [1]
Number of employees
8,152 [1]  (2023)
Website revolut.com

Revolut Group Holdings Ltd (Revolut) is a global neobank and financial technology company with headquarters in London, UK that offers banking services for retail customers and businesses. [2] It was founded in 2015 by Nikolay Storonsky and Vlad Yatsenko. It offers products including banking services, currency exchange, debit and credit cards, virtual cards, Apple Pay, interest-bearing "vaults", personal loans and BNPL (where it has a banking licence), stock trading, crypto, commodities, human resources and other services. [2]

Contents

The European Central Bank granted the company a full banking licence in December 2021, and Revolut, with its banking services, is available in 30 countries. [3] [4]

In November 2020 Revolut was breaking even and, with a £4.2 billion valuation, became the UK's most valuable fintech company. A US$800 million funding round in July 2021 brought the company's valuation to US$33 billion, being followed by a secondary share sale at a US$45 billion valuation in 2024 making it the most valuable UK tech startup at the time. In 2023, customer deposits at Revolut reached £15.1 Billion. [5] [6] [7] [8] [9] [10]

As of June 2024, Revolut more than doubled its headcount in two years, employing over 8,000 people in more than 25 countries. [11]

Revolut Bank UAB, the firm's European Economic Area subsidiary, is licensed and regulated by the European Central Bank within the European Union, and depositors' money is protected through deposit insurance, insured by the Lithuanian State Company Deposit and Investment Insurance. [12] Revolut was granted a UK banking licence, though with restrictions via the standard "mobilisation" stage, on 25 July 2024 after a three-year wait. [13]

Revolut holds the record in UK of customer complaints among financial institutions. [14] [15] [16]

History

2015–2017

Revolut was founded on 1 July 2015 by Nikolay Storonsky and Vlad Yatsenko as a solution to traditionally expensive overseas spending partly caused by hidden charges and fees. [17] [18] [19] The Revolut platform was created to allow travellers to spend in over 90 countries. [20] [18] It provided accounts and debit cards that could be used abroad with no foreign transaction fees and a “real” exchange rate with no further fees, as opposed to other currency transfer systems that adjust exchange rates. [21] The company was originally based in Level39, a financial technology incubator in Canary Wharf, London. [22]

By 2016, Revolut had around 300,000 users who had transacted almost £1 billion. [23] In 2017, the company released its Revolut for Business app. [24] After creating an account, users could hold, exchange or transfer money from 25 currencies. Business users also had access to real-time spending notifications and data analysis alerts. [24]

2018–2021

In December 2018, Revolut secured a specialised bank licence from the European Central Bank, facilitated by the Bank of Lithuania, 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. [25] [26]

In July 2019, Revolut launched commission-free stock trading on the New York Stock Exchange and Nasdaq, initially for customers in its Metal plan. [27] This was subsequently made available to all users. [28]

In 2019, Revolut announced deals with Visa and Mastercard. [29] [30] Through its Mastercard partnership, the company expanded into the U.S., and the deal with Visa saw Revolut expand into 24 new markets and hire an additional 3,500 people. [29] [30] In October, Singapore became the company's first Asian market. [31]

In June 2019, Revolut expanded to Australia, the company's first expansion outside of Europe. [32] In March 2020, Revolut was launched in the United States. [33] In August, the company launched its financial app in Japan. [34]

In November 2020, Revolut became profitable. [35]

In January 2021, the company announced that it had applied for a UK banking licence. [36] [37] In March 2021, Revolut applied for a bank charter in the US via applications with the FDIC and the California Department of Financial Protection. [38]

Since 2022

In January 2022, Revolut launched as a bank (instead of an e-money institution) in 10 additional European countries: Belgium, Denmark, Finland, Germany, Iceland, Liechtenstein, Luxembourg, Netherlands, Spain, and Sweden. [39]

In September 2022, Revolut was targeted by a cyberattack. An unauthorised third party obtained access to a small percentage (0.16%) of customer details for a short period. No funds were accessed or stolen. [40] [41] In the same month, The UK's Financial Conduct Authority added Revolut to its list of companies authorized to offer cryptocurrency products and services; it had offered crypto trading since 2017 but had not been regulated. [42]

Ultra was launched in 2023 and is Revolut's top-tier membership for users in the UK and EEA. [43] The plan includes Revolut's best rates and lowest fees across savings, FX, stocks, unlimited airport lounge access, cancellation for any reason insurance as well as subscriptions to Financial Times, ClassPass, Wework, NordVPN and more. [43]

In January 2023, Revolut announced it would transfer its 2 million Irish customers to a new Irish branch and move these customers from Lithuanian IBANs to Irish IBANs, in a bid to compete with the remaining incumbent banks following the exit of RBS and KBC Bank from Ireland. [44] In 2023 Revolut also launched IBANs in France, Netherlands and Spain. [45]

Revolut accounts began allowing staking for holders of proof-of-stake cryptocurrencies in the UK and European Economic Area in 2023. [42] The ability to delegate stake and earn rewards for helping to maintain a blockchain is part of proof-of-stake blockchains Cardano (ADA), Ether (ETH), Polkadot (DOT), and Tezos (XTZ). [46]

Although it was reported in May 2023 that the UK's Prudential Regulation Authority was poised to reject Revolut's application for a banking licence in the UK, [47] this was granted on 25 July 2024 [48]

In July 2023, the Financial Times reported that Revolut had lost $20 million to organized criminal groups due to a flaw in its US payment system between late 2021 and early 2022. [49] The issue affected the company's corporate funds and not customer accounts; some of the money was recouped. [49]

In August 2023, Revolut announced that they would stop offering cryptocurrency trading services to their US customers due to the "evolving regulatory environment" as the Securities and Exchange Commission intensified regulations regarding certain crypto assets and platforms. [50]

In October 2023, Revolut expanded its commission-free stock trading with the ability to buy and sell European company stocks in Euro. This was made available to all users based within the European Economic Area (EEA). [51] [52] [53]

As of June 2024, Revolut has reached 45 million customers globally. [54] In August, the company was seen to be preparing for a potential IPO on the Nasdaq in the United States with an expected valuation of approximately £45 billion although UK politicians were said to be pushing for a London listing. [55]

Funding

The company raised £6.5 million ($8.5 million) in a Series A funding round in 2016. An additional £17 million was raised on an equity crowdfunding site. [56] A year later, $66 million was raised in a Series B funding round. Index Ventures, Balderton Capital, and Ribbit Capital all participated. [57]

On 26 April 2018, Revolut raised $250 million in Series C funding. [58] It had a post-funding valuation of US$1.7 billion, making it a unicorn. [58] In February 2020, Revolut completed a Series D funding round of $580 million that more than trebled its value, valuing the company at £4.2 billion and becoming the United Kingdom's most valuable financial technology startup. [59] [60]

In July 2021, Revolut's Series E raised US$800 million from investors, including SoftBank Group and Tiger Global Management, at a US$33 billion valuation. [61] [9] This made Revolut the leading European start up in terms of valuation. [62]

As of June 2023, Revolut has raised $1.7 billion in total funding. [61]

In August 2024, Revolut announced a secondary share sale that valued the company at $45 billion, up from its previous valuation of $33 billion in 2021. [6]

Services

Personal and business banking

Revolut offers banking services including GBP and EUR bank accounts, debit cards, credit cards, currency exchange, stock trading, cryptocurrency exchange and peer-to-peer payments. [63] Revolut's mobile app supports spending and ATM withdrawals in 120 currencies and transfers in 36 currencies directly from the app. [64] Revolut's credit card is available in Poland, Lithuania, the United States, and Ireland. [65]

Revolut also provides customers access to cryptocurrencies including Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Cardano and XRP by exchanging with 25 fiat currencies. [66] A fee of 1.49% for buying or selling applies. Crypto cannot be deposited or spent, only converted back to fiat inside Revolut. Additionally, Revolut banks with Metropolitan Commercial Bank [67] of New York, which does not allow the transfer of fiat money to or from cryptocurrency exchanges.

Retail App

Users with a personal Revolut account have access to services in some markets including payments and cards, savings, credit, investment and trading, cryptocurrency trading, multi currency accounts, shared accounts, premium lifestyle features and donations. [68]

Protection of funds

Revolut is compliant with the Payment Card Industry Data Security Standard (PCI DSS), which ensures end-to-end security of information and protection of funds. [69] The standards are internationally recognized regulations set to protect cardholder data. [70]

Revolut Bank

Revolut Bank UAB, licensed by the European Central Bank, provides deposit account services in 30 EEA markets. Customers in those markets have access to deposit protection of up to €100,000 to their accounts for free. This is covered by the Lithuanian State company Deposit and Investment Insurance. [71]

Revolut Ltd

As an electronic money institution, Revolut protects funds via Safeguarding. [72] Using this process, funds are held at partner banks where they receive the safeguards provided by banking institutions. [72] Revolut will soon be able to directly take customer deposits as part of the FSCS scheme following its approval for a UK banking licence.

UK fraud victims

Although Revolut originally applied for a UK banking licence in 2021, it was only granted one in July 2024. [13] Prior to having a banking license, Revolut was not a bank and not a signatory to the Contingent Reimbursement Model Scheme. This means it was not obligated to reimburse many who would be eligible under the code. [73] [74] In 2023, the company reported a 35% reduction to authorised push payments (APP) fraud. [75] However, the number of complaints of fraud reported to Action Fraud, the UK reporting centre for fraud and cybercrime, by Revolut customers rose from 567 in February 2023 to 1,086 for February 2024. [76]

Prior to Revolut having a banking license, complaints were made by defrauded Revolut customers to the Financial Ombudsman, who in some cases required Revolut to reimburse and compensate victims, and remove fraud markers wrongly placed against the individuals. [77]

Many financial service customers in the UK have been subject to fraud, but Revolut has been involved in more cases than any major High Street bank, and has a reputation for not reimbursing victims, which full banks are more likely to do. ActionFraud received 10,000 reports of fraud naming Revolut in 2023, 2,000 more than Barclays, one of the UK's largest banks, and twice as many as a competitor bank of similar size to Revolut. That year over 3,500 complaints about Revolut were made to the ombudsman, more than any other financial institution. Consumer organization Which? did not recommend banking large sums of money with Revolut, saying "They have a track record of not reimbursing people who fall victim to fraud or find themselves in this incredibly difficult situation, [and] of money being taken from accounts even after scam activity has been reported." [78]

Criticism

Employment practices

In March 2019, Wired published an exposé of the company's employment practices and work culture. This found evidence of unpaid work, high staff turnover and employees feeling the need to work weekends in order to meet performance indicators. [79] A later article in December 2019 by Sifted noted that Revolut had a higher rating than its peers on Glassdoor. [80]

In June 2020, Wired published a further exposé of Revolut's dismissal of employees during the COVID-19 pandemic, in which employees, particularly in Kraków, 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 said "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 Porto were pressured into agreeing to a salary sacrifice scheme in order to keep their jobs. [81] According to Wired, in a message sent to the 495-strong customer support team on Slack soon after the salary sacrifice scheme was announced, head of Support Inna Grynova urged them to participate.

Automated suspension of accounts (2020)

Revolut, in common with traditional financial institutions, uses algorithms to identify money laundering, fraud and other criminal activity. Under certain anti-money laundering legislation, if suspicious activities are being investigated, bank staff are not allowed to tell customers why their accounts have been frozen. [82]

It has been reported since 2020 that Revolut's algorithms suspended accounts for weeks or months at a time after unusual activity was detected. [83] [84] Revolut's policies require customers whose accounts were suspended to request a resolution via in-app chat support. [85] [84] [83] Revolut said 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". [86]

In February 2020, The Daily Telegraph reported that Revolut suspended an account containing £90,000 for more than two months [87] and that another customer travelled 500 miles from Auvergne in France to Revolut's London offices in an unsuccessful attempt to recover £15,000 in an account that Revolut had frozen with no justification given. [88] The account was later closed and the money in it returned to the customer's other bank accounts. [88]

Also in February 2020, The Times reported that Revolut suspended and later closed a business account containing €300,000 belonging to Priorité Energie, an energy transition start-up company, preventing the company from paying its staff. [89] Revolut publicly apologised and eventually rectified the problem. [89]

There were further reports in 2021 of Revolut withholding clients' funds. [90]

See also

Related Research Articles

<span class="mw-page-title-main">Zopa</span> British financial services company

Zopa Bank Ltd. is a British online bank which offers deposit accounts, personal loans and credit cards. It began as the world's first peer-to-peer lending company in 2005 and gained a full banking licence in 2020. The peer-to-peer side of its business closed in December 2021.

An identity verification service is used by businesses to ensure that users or customers provide information that is associated with the identity of a real person. The service may verify the authenticity of physical identity documents such as a driver's license, passport, or a nationally issued identity document through documentary verification. Additionally, also involve the verification of identity information (fields) against independent and authoritative sources, such as a credit bureau or proprietary government data.

Klarna Bank AB, commonly referred to as Klarna, is a Swedish fintech company that provides online financial services. The company provides payment processing services for the e-commerce industry, managing store claims and customer payments. The company is a "buy now, pay later" service provider.

<span class="mw-page-title-main">Stripe, Inc.</span> Irish-American multinational financial services and SaaS company

Stripe, Inc. is an Irish-American multinational financial services and software as a service (SaaS) company dual-headquartered in South San Francisco, California, United States, and Dublin, Ireland. The company primarily offers payment-processing software and application programming interfaces for e-commerce websites and mobile applications.

JPMorgan Chase is an American multinational banking corporation with a large presence in the United Kingdom. The corporation's European subsidiaries J.P. Morgan Europe Limited, J.P. Morgan International Bank Limited and J.P. Morgan Securities plc are headquartered in London.

<span class="mw-page-title-main">Robinhood Markets</span> US-based financial services company

Robinhood Markets, Inc. is an American financial services company headquartered in Menlo Park, California. The company provides an electronic trading platform accessible via mobile app that facilitates commission-free trades of stocks, exchange-traded funds and cryptocurrency, as well as cryptocurrency wallets, credit cards and other banking services. The company's revenue comes from transaction-based revenues, net interest income, and subscription fees. The company has 24.3 million funded customers, 11.0 million monthly active users, and $152 billion in assets under custody.

Fintech, a clipped compound of "financial technology", refers to the application of innovative technologies to products and services in the financial industry. This broad term encompasses a wide array of technological advancements in financial services, including mobile banking, online lending platforms, digital payment systems, robo-advisors, and blockchain-based applications such as cryptocurrencies. Fintech companies include both startups and established technology and financial firms that aim to improve, complement, or replace traditional financial services.

<span class="mw-page-title-main">Starling Bank</span> Challenger bank in the United Kingdom

Starling Bank is a British bank, occasionally referred to as a digital challenger bank or neobank, providing current and business bank accounts in the United Kingdom. Starling Bank is a licensed and regulated bank, founded by former Allied Irish Banks COO, Anne Boden, in January 2014. Since its founding, it has received over £500M of funding.

<span class="mw-page-title-main">Trustly</span> Swedish financial technology company

Trustly AB (publ), known as Trustly is a Swedish fintech company founded in 2008. Trustly is an open banking payment provider that allows customers to shop and pay from their online bank account, without the use of a card or app. The company claims that its account-to-account network supports 12,000 banks, reaching 650 million consumers and bypassing the card networks.

<span class="mw-page-title-main">Monzo</span> British neobank

Monzo Bank Limited, trading as Monzo, is a British online bank based in London, England. Monzo was one of the earliest of a number of new app-based challenger banks in the UK.

<span class="mw-page-title-main">N26</span> German Neobank

N26 is a German neobank headquartered in Berlin. N26 was founded in 2013 by Rocket Internet, an incubator, and operates in various European Union member states that are members of the Single Euro Payments Area (SEPA). N26 provides transaction accounts and debit cards, with overdraft and investment products and premium accounts available under a subscription business model.

<span class="mw-page-title-main">Atom Bank</span> Retail bank in the United Kingdom

Atom Bank plc is a retail bank in the United Kingdom. It is the United Kingdom's first bank built for smartphone or tablet, without any branches, and the first digital-only challenger bank to be granted a full UK regulatory licence. The company is based in Durham, England.

Freetrade is a UK-based financial technology company which offers a freemium share dealing service. The company was founded in 2016 and launched an iOS app in October 2018, followed by an Android version in April 2019. In October 2021 the company surpassed one million registered users, with quarterly trading volumes as of March 2021 of over £1 billion. As of November 2021 Freetrade has over £1 billion of assets under administration.

<span class="mw-page-title-main">Chime (company)</span> American financial services company

Chime Financial, Inc. is a San Francisco–based financial technology company that provides fee-free mobile banking services through two national banks, Stride Bank and The Bancorp Bank.

Bitpanda GmbH is an Austrian company headquartered in Vienna. Bitpanda provides a cryptocurrency exchange, commodities and securities trading, and ETFs via their website and mobile app. In 2021, Bitpanda achieved a valuation of over USD 4 billion. The company was the first Austrian start-up to meet the criteria for unicorn status.

bunq International fintech company

bunq, is a Dutch fintech and neobank licensed in the Netherlands within the European Union and operating in 30 European countries. It is colloquially named bunq — bank of The Free and was founded in Amsterdam where its headquarters are located.

Airwallex is a multinational financial technology company offering financial services and software as a service (SaaS). Founded in 2015 in Melbourne, Australia and currently based in Singapore, the company is a financial technology platform providing cross-border payments and financial services to businesses through a proprietary banking network and its API. It also provides services and products such as business accounts, expense cards, and payroll, among others. It was Australia's third technology unicorn company overall. With a valuation of US$5.5 billion, as of 2022, the company processed $50 billion in annualized transactions.

Allica Bank is a British challenger bank headquartered in London and Milton Keynes. It offers a range of lending, savings and current account products to UK small and medium-sized businesses (SMEs).

The development of neobanks in Europe is a trend in the European financial landscape beginning in the 2010s. Neobanks are a type of digital-only bank that offer financial services primarily through mobile and web applications, with little or no reliance on physical branches. The trend was driven by advancements in technology, changing consumer preferences, and supportive regulatory frameworks. Neobanks provide a range of services, including personal accounts, loans, and payment services, with a focus on user-friendly interfaces, low fees, and innovative features. In 2022, the European neobank market has generated over 570B transactions.

Atlantic Money is a London-headquartered financial technology company that offers international money transfers for a fixed fee. The firm was founded in 2020 and officially launched in 2022 by two Americans, Neeraj Baid and Patrick Kavanagh, both early employees of the listed US financial services company Robinhood.

References

  1. 1 2 3 4 5 "2023 Annual Report" (PDF). Revolut Group Holding Ltd. 2 July 2024. Retrieved 9 August 2024.
  2. 1 2 "Revolut to offer "secret sauce" HRtech to "select" companies in new B2B offering". Tech.eu. 2023-11-16. Retrieved 2024-02-21.
  3. ↑ AltFi (2022-03-25). "Revolut launches as a bank in Ireland". AltFi. Retrieved 2024-02-21.
  4. ↑ AltFi (2022-01-12). "Revolut launches as a bank in 10 more European countries". AltFi. Retrieved 2024-02-21.
  5. ↑ Makortoff, Kalyeena (22 December 2023). "Fintech firm Revolut hit by £25m loss after rise in staff wages". The Guardian.
  6. 1 2 PYMNTS (2024-08-18). "UK Treasury Wants Revolut to Go Public on London Exchange". PYMNTS.com. Retrieved 2024-10-18.
  7. ↑ Megaw, Nicholas (15 Jul 2021). "Revolut valued at $33bn after $800m fundraising". Financial Times . Archived from the original on 18 July 2021. Retrieved 15 Jul 2021.
  8. ↑ "Revolut becomes most valuable UK start-up after £24bn valuation". BBC News. 2021-07-15. Archived from the original on 2021-07-22. Retrieved 2021-07-16.
  9. 1 2 Metcalf, Tom; Spezzati, Stefania (15 July 2021). "Revolut Draws SoftBank Investment to Hit $33 Billion Value". Bloomberg News . Archived from the original on 26 July 2021. Retrieved 7 August 2021.
  10. ↑ "2023 Annual Report" (PDF). 2023 Annual Report.
  11. ↑ "2023 Annual Report(Page 20)" (PDF). Annual Report 2023.
  12. ↑ PYMNTS (2021-12-21). "Revolut Bank Granted Full EU Banking License Amid Criticisms of Unfair Competition". PYMNTS.com. Retrieved 2024-02-29.
  13. 1 2 Makortoff, Kalyeena (2024-07-25). "Revolut finally receives UK banking licence after three-year wait". The Guardian. ISSN   0261-3077 . Retrieved 2024-07-29.
  14. ↑ ‘I lost £165k to fraud in an hour’ - customers say they were let down by Revolut
  15. ↑ https://www.manchestereveningnews.co.uk/news/uk-news/revolutnamed-more-fraud-complaints-any-30139808
  16. ↑ Revolut named in more fraud complaints than any major UK bank, report finds
  17. ↑ Kharpal, Arjun (2016-02-04). "Start-up takes aim at PayPal, raises $4.8M". CNBC. Retrieved 2024-03-04.
  18. 1 2 Meyer, Harriet (2016-05-12). "The smartphone app revolutionising foreign currency exchange". The Guardian. ISSN   0261-3077 . Retrieved 2024-03-04.
  19. ↑ "Vlad Yatsenko, a Ukrainian who co-founded Revolut, becomes a billionaire after an $800M round and a $33B valuation". AIN.UA. 2021-07-16. Archived from the original on 2021-07-27. Retrieved 2021-07-27.
  20. ↑ Williams-Grut, Oscar. "London fintech startup Revolut is raising £10 million and signing 1,500 new customers a day". Business Insider. Retrieved 2024-03-07.
  21. ↑ Dawson, Freddie. "Popular Revolut: Financial Disruptor Equity Raise Oversubscribed By £17m". Forbes. Retrieved 2024-03-07.
  22. ↑ Dan, Enriques (29 April 2018). "Are You Ready To Give Fintech A Try?". Forbes . Archived from the original on 12 June 2018. Retrieved 12 June 2018.
  23. ↑ Dawson, Freddie. "Popular Revolut: Financial Disruptor Equity Raise Oversubscribed By £17m". Forbes. Retrieved 2024-04-01.
  24. 1 2 Ainger, Neil (2017-06-13). "Revolut expands into business market". CNBC. Retrieved 2024-04-02.
  25. ↑ "Revolut granted specialised bank and electronic money institution licences". Bank of Lithuania . 13 December 2018. Archived from the original on 22 April 2019. Retrieved 13 December 2018.
  26. ↑ Megaw, Nicholas (13 December 2018). "Lithuania licence lets Revolut launch banking products". Financial Times . Archived from the original on 13 December 2018. Retrieved 13 December 2018.
  27. ↑ "Revolut launches commission-free share trading". Financial Times . August 2019. Archived from the original on 4 August 2019. Retrieved 9 August 2019.
  28. ↑ "Should you trade stocks for free with Revolut?". Which? News . 24 September 2019. Archived from the original on 14 October 2019. Retrieved 14 October 2019.
  29. 1 2 Short, Eva (30 September 2019). "New deal with Visa will see Revolut hire thousands, expand into 24 markets". Silicon Republic. Archived from the original on 10 March 2021. Retrieved 7 October 2019.
  30. 1 2 Browne, Ryan (2019-10-22). "Revolut strikes deal with Mastercard to accelerate expansion into the US". CNBC. Retrieved 2024-03-12.
  31. ↑ Dillet, Romain (2019-10-23). "Revolut launches publicly in Singapore, signs deal with Mastercard". TechCrunch. Retrieved 2024-04-04.
  32. ↑ Dillet, Romain (2019-06-13). "Revolut launches in Australia as a beta release". TechCrunch. Retrieved 2024-08-26.
  33. ↑ West, Chad (24 March 2020). "Revolut launches in the United States". Revolut Blog. Archived from the original on 16 January 2022. Retrieved 25 February 2022.
  34. ↑ "Revolut launches its financial app in Japan". TechCrunch . 7 September 2020. Archived from the original on 2021-07-15. Retrieved 2020-09-08.
  35. ↑ Browne, Ryan (2020-12-08). "Revolut, Europe's $5.5 billion digital bank, quietly broke even in November". CNBC . Archived from the original on 2021-05-23. Retrieved 2020-12-11.
  36. ↑ "Revolut Applies for U.K. Banking License". Bloomberg. January 11, 2021. Archived from the original on 2021-02-06. Retrieved 2021-01-13– via www.bloomberg.com.
  37. ↑ "Challenger bank Revolut bids to take on high street". www.standard.co.uk. January 11, 2021. Archived from the original on February 18, 2021. Retrieved January 13, 2021.
  38. ↑ "Revolut applies for bank charter in the US". TechCrunch . March 22, 2021. Archived from the original on August 4, 2021. Retrieved April 14, 2021.
  39. ↑ "Revolut launches as a bank in 10 Western European countries". Finextra Research. 2022-01-11. Archived from the original on 2022-01-13. Retrieved 2022-01-16.
  40. ↑ Page, Carly (2022-09-20). "Revolut confirms cyberattack exposed personal data of tens of thousands of users". TechCrunch. Retrieved 2024-03-27.
  41. ↑ "Revolut hack exposes data of 50,000 users, fuels new phishing wave". Archived from the original on 2022-09-22. Retrieved 2022-09-22.
  42. 1 2 "Revolut receives green light to run UK cryptocurrency business". Financial Times. 2022-09-27. Retrieved 2023-02-21.
  43. 1 2 Blakey, Douglas (2023-06-16). "Revolut launches platinum Revolut Ultra". Retail Banker International. Retrieved 2024-03-20.
  44. ↑ Weston, Charlie (23 January 2023). "Revolut granted Irish IBANs, piling pressure on mainstream banks". Irish Independent. Retrieved 2023-01-23.
  45. ↑ Civieta, Óscar F. (2023-09-13). "Revolut alcanza los 2 millones de clientes en España y comienza a ofrecer IBAN local". Business Insider España (in Spanish). Retrieved 2024-04-10.
  46. ↑ Howcroft, Elizabeth (2023-02-07). "Revolut to offer returns on crypto holdings via 'staking'". Reuters. Retrieved 2023-02-21.
  47. ↑ Morris, Stephen (19 May 2023). "Revolut in shareholder battle with SoftBank as UK licence talks stall" . Financial Times . Retrieved 9 June 2023.
  48. ↑ "Revolut secures UK banking licence after three-year wait". Reuters . Retrieved 25 July 2024.
  49. 1 2 Venkataramakrishnan, Siddharth; Quinio, Akila (2023-07-09). "Revolut's US payment flaws allowed thieves to steal $20mn". Financial Times .
  50. ↑ "Revolut Pulls the Plug on Crypto in US, Citing Regulatory Environment". 4 August 2023.
  51. ↑ "Revolut adds European listed stocks to its trading platform across the EEA". Revolut.com. October 23, 2023. Retrieved 2024-10-17.
  52. ↑ "Revolut adds European listed stocks to trading platform". RTE. 2023-10-24. Retrieved 2024-10-17.
  53. ↑ ALLEN, LORCAN. "Revolut expands share trading offering with addition of 70 European listed companies". www.businesspost.ie. Retrieved 2024-10-17.
  54. ↑ "Revolut's revenues surpass $2.2bn, with record profits of $545m in 2023". Revolut.com. 2 July 2024.
  55. ↑ Quinio, Akila; Dunkley, Emma; O’Dwyer, Michael (2024-08-16). "UK government woos Revolut as fintech favours US for potential IPO". Financial Times. Retrieved 2024-08-19.
  56. ↑ Dawson, Freddie. "Popular Revolut: Financial Disruptor Equity Raise Oversubscribed By £17m". Forbes. Retrieved 2024-03-15.
  57. ↑ Dillet, Romain (2017-07-12). "Revolut raises $66 million for its global banking alternative". TechCrunch. Retrieved 2024-03-15.
  58. 1 2 Munford, Monty (26 April 2018). "Revolut launches current accounts and a chatbot". Forbes . Archived from the original on 26 April 2018. Retrieved 26 April 2018.
  59. ↑ Lunden, Ingrid (2021-07-15). "Revolut confirms a fresh $800M in funding at a $33B valuation to supercharge its financial services super app". TechCrunch. Retrieved 2024-03-14.
  60. ↑ Makortoff, Kalyeena (25 February 2020). "Digital bank Revolut becomes UK's most valuable fintech startup". The Guardian . ISSN   0261-3077. Archived from the original on 7 June 2021. Retrieved 25 February 2020.
  61. 1 2 "Report: Revolut Business Breakdown & Founding Story". Contrary Research. Retrieved 2024-03-13.
  62. ↑ Johansson, Eric (2022-12-14). "Revolut haș passed Checkout.com as Europe's most valuable startup". Verdict. Retrieved 2024-03-15.
  63. ↑ Dillet, Romain (20 July 2015). "Revolut Raises $2.3 Million For Its Mobile Foreign Exchange Service". TechCrunch . Archived from the original on 14 January 2016. Retrieved 11 January 2016.
  64. ↑ PYMNTS (2023-12-22). "Revolut Reports Revenue of $1.1 Billion in 2022". PYMNTS.com. Retrieved 2024-04-01.
  65. ↑ Suda, Jarrod (23 March 2023). "The Revolut Credit Card: Everything You Should Know". Monito.
  66. ↑ "Revolut adds XRP and Bitcoin Cash support". TechCrunch. 2018-05-24. Archived from the original on 2021-04-16. Retrieved 2021-04-14.
  67. ↑ Peters, Jay (2020-03-24). "Popular European banking app Revolut is launching in the US today". The Verge. Archived from the original on 2021-07-15. Retrieved 2021-07-13.
  68. ↑ Paige, Will. "Revolut joins heated competition to win cut of Europe's booming BNPL market". Business Insider. Retrieved 2024-04-10.
  69. ↑ "Revolut launches Instant Card Transfers in Singapore". thepaypers.com. Retrieved 2024-04-09.
  70. ↑ "Revolut Reader Review". Business Expert. Retrieved 2024-04-09.
  71. ↑ "Farewell from AltFi". www.altfi.com. Retrieved 2024-03-26.
  72. 1 2 Jones, Rupert (2020-07-04). "Banking apps: what do they offer – and how is your cash protected?". The Guardian. ISSN   0261-3077 . Retrieved 2024-03-18.
  73. ↑ Dalton, Nia (2024-01-19). "Relationship coach scammed me of £5k - he's exploited women across the world". The Mirror. Retrieved 2024-02-27.
  74. ↑ Vahl, Shari; Espiner, Tom (5 December 2022). "'I had £8,000 stolen but Revolut won't refund it'". BBC News.
  75. ↑ "Revolut doubles financial crime headcount since 2021 to combat fraud". rte.ie. 31 October 2023.
  76. ↑ Brignall, Miles (10 April 2024). "I'm a victim of scammers. But Revolut says 'no' to a refund". The Guardian.
  77. ↑ Decision Reference DRN-4189491 (PDF) (Report). Financial Ombudsman Service. 12 July 2023.
  78. ↑ "Revolut customers say e-money firm failed them after being scammed". BBC Panorama. 14 October 2024.
  79. ↑ Mellino, Emiliano (28 February 2019). "Revolut insiders reveal the human cost of a fintech unicorn's wild rise". Wired. Archived from the original on 1 September 2021. Retrieved 1 March 2019.
  80. ↑ "Digital banks Monzo, Revolut, Starling and N26 compared". Sifted. 18 December 2019. Archived from the original on 23 October 2019. Retrieved 20 December 2019.
  81. ↑ Emiliano, Mellino (4 June 2020). "Revolut staff claim they've been told to quit their jobs or be fired". Wired. Archived from the original on 2 April 2021. Retrieved 5 June 2020.
  82. ↑ "The best (and worst) smartphone bank apps – and why Revolut and N26 are beating the incumbents". www.independent.ie. 2023-05-07. Retrieved 2024-02-22.
  83. 1 2 Palmer, Kate (8 February 2020). "Monzo and Revolut: customer complaints are mounting at digital banks" . The Times. Archived from the original on 23 February 2020. Retrieved 23 February 2020.
  84. 1 2 Barker, Sam (21 January 2020). "Revolut customers locked out of accounts 'for weeks'". The Telegraph. Archived from the original on 26 February 2020. Retrieved 23 February 2020.
  85. ↑ Marks, Oliver (17 January 2019). "Revolut's clumsy automated bank compliance results in frozen accounts and lack of customer service". ZDNet. CBS Interactive. Archived from the original on 20 September 2020. Retrieved 23 February 2020.
  86. ↑ Braileanu, Rob (25 June 2018). "Why has my account been locked and how to regain access?". Revolut. Revolut Ltd. Archived from the original on 2 September 2021. Retrieved 23 February 2020.
  87. ↑ Hunt, Marianna (25 January 2000). "Revolut could face lawsuit from customers locked out of their accounts". The Telegraph. Archived from the original on 25 February 2020. Retrieved 23 February 2020.
  88. 1 2 Hunt, Marianna (24 January 2020). "Ex-UCL lecturer forced to travel to London from France in attempts to unblock digital bank account". The Daily Telegraph. Archived from the original on 6 March 2020. Retrieved 27 February 2020.
  89. 1 2 Dunkley, Emma (23 February 2020). "Nikolay Storonsky's Revolut freezes accounts in money-laundering bungle" . The Times. Archived from the original on 11 January 2021. Retrieved 23 February 2020.
  90. ↑ Joshua, Davis (28 July 2024). "Understanding Revolut Exchange Rate Today". BlueBlanks.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.