Everything You Need To Know About Revolut (Detailed Overview)
So, What Is Revolut?
Revolut is a British financial technology company that was founded by Vlad Yatsenko and Nikolay Storonsky in 2015. The platform offers so many different features. And it just got its UK banking license last year (December 2022). There are features like debit cards, currency exchange, virtual cards, interest-bearing vaults, Apple Pay, commission-free stock trading, commodities, crypto, and other services.
Here is the basic information about Revolut.
|⦿ Revolut Ltd.
|⦿ Nikolay Storonsky
⦿ Vlad Yatsenko
|⦿ Financial Technology
|⦿ London, England, United Kingdom
|⦿ CEO- Nikolay Storonsky
⦿ CTO- Vlad Yatsenko
⦿ Stock Trading
⦿ Debit Cards
⦿ Current Accounts
⦿ Foreign Exchange
⦿ Currency Exchange
|⦿ Currency Exchange
⦿ Peer-to-peer Payments
|⦿ Around $270 million
The company was founded in 2015. And in 2020, it expanded in Japan, and its staff increased from 1500 to 5000. In the same year, the valuation of the company increased to $5.2 billion. This fintech company boasts 30 million customers, using more than a dozen innovative products launched by Revoult. Most of the users make more than 250 million transactions every month.
Revolut is the most valuable fintech company in the United Kingdom. But the company has yet to receive the UK banking license. The company applied for a permit in 2021. But it had to wait until December 2022.
In July 2021, the company was successful in raising $800 million, and the valuation of the company increased to $33 billion. And then, the company became the most valuable tech startup company in the United Kingdom. At that time, there was no Revolut did not have any UK bank status. So, there was no authorized push payment fraud.
Now let’s talk about Revolut’s journey from the beginning. The company was formed on 1 July 2015. There were mainly two people behind the formation of Revolut. First of all, Nikolay Storonsky, he is from England and has an origin in Russia. And the second person was Vlad Yatsenko, and he was from Ukraine. Revolut was based in Level39, which was an incubator in Canary Wharf, London.
The first and most significant fundraising took place in April 2018. The company raised $250 million, and it was Series C funding. At that time, the company had a valuation of $1.7 billion. And it was the first time the company entered the unicorn list. One of the biggest investors was DST Global which was a Russian company founded by Yuri Milner.
In the year 2018, Revolut got the European Central Bank. Then most of the work became easy as it facilitates by the Bank of Lithuania. Then the company started its native cards for transactions. This was the same time the company got an Electronic Money Institution license.
In 2019, Revolut partnered with Dax, and this was the time when Peter O’Higgins, the chief financial officer, resigned from his post. In the middle of 2019, Revolut released its commission-free stock trading. People could trade on NASDAQ and New York Stock Exchange. And this was available to every user.
In 2019, the company announced that it would expand, so there were so many new hirings. Then it signed a new contract with Visa, and it expanded to almost 24 different markets. In 2020, there was another funding round, and the value increased to around $5.2 billion.
In the same year, the company expanded in the United States. After that, there was a launch in Japan also. And this was the first year when the company entered into the profitable business. In 2021, it applied for a license in the UK. also applied for a bank charter in the USA and to the California Department of Financial Protection. Then the funding of $800 million came, and the valuation became $33 billion.
2022 – Till Present
In January 2022, the company donated $1.5 million to Ukraine, and Storonsky was against the war. Last year the company had around 18 million customers, and there were more than 150 million transactions monthly. At the end of 2022, the platform had around 25 million customers. Right now, the company is aiming for Irish customers, so it competes with traditional Irish banks.
Revolt markets itself as an all-in-one super application that offers access to different types of financial services. However, most of the services are related to investing and savings. Also, there are some additional features for people who are managing their money while working abroad.
This is one of the best options for savings on this platform. You can use the Savings Vault option and set up your Savings goals. There is a feature allowing you to round up spare change from purchases and put them toward Savings goals.
Also, their network has more than 55000 ATMs from where you can make withdrawals without any fees.
Users can invest their savings and their money into stocks and ETFs, and the investment starts at as low as $1. Individuals can easily get started. Also, stock trading is free of commission on this platform.
So, every time you place a trade, you do not have to pay a fee. But, the app might apply regulatory fees as mandatory. Also, aside from the regular stock market hours, Revoult allows investors to invest from 4 a.m. to 9:30 a.m. and then from 4pm to 8pm
There are no monthly fees associated with the Standard Plan. However, the Premium plan has a fee of $9.99/month, and the Metal plan has $16.99/month.
Frequently Asked Questions!!! ( FAQs):-
Here are some interesting questions and answers that most people tend to ask.
Ans: Revolut offers banking services, including EUR and GBP bank accounts, fee-free currency exchange, debit cards, cryptocurrency exchange, stock trading, and peer-to-peer payments. If you use the Revolut mobile app, then you will be able to spend and withdraw money in 120 different currencies. And you can also transfer money in 29 different currencies. And all you need is one app.
Ans: When it comes to the comparison between PayPal and Revolut, then the main feature of Revolut is that it is free. There is also a feature that is called Revolut bank, and the platform offers cards that you can use. Whereas PayPal has no native cards. Also, PayPal’s bank transfer takes a lot of days to be done, and you also need to pay fees for every transaction.
Ans: Revolut provides free stock trading, and there are no hidden fees. Also, the account opening is really fast, digital, and seamless. Here are the pros and cons of this platform.
So, I think now you have a good idea of how does Revolut work, the Revolut card, how the company works, and most importantly, what services the company provides. If you want to taste the features the Revolut app offers. Or if you just want to invest, you can do that also, as the company is one of the most valuable tech companies in the United Kingdom.
I hope you will find this article interesting. If so, then please share and give your feedback.
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