With 10 million customers in Europe, Fintech giant Revolut launches its Financial Super App in the United States
- Revolut launches its Financial Super App and debit card in the United States. The fast growing fintech has already attracted tens of thousands of customers in the U.S.
- U.S. customers can spend and transfer money globally at the interbank exchange rate, hold and exchange 28 currencies in the app, and get their salary two days in advance
- Revolut intends to roll-out additional features and services in the near future, including cryptocurrencies, commission-free stock trading and savings products
- Last month, Revolut raised $500 million in Series D funding at a valuation of $5.5 billion. Revolut backers include Ribbit Capital, Index Ventures, DST Global and TCV
NEW YORK, March 24, 2020 /PRNewswire/ -- Revolut, the fast growing fintech with more than 10 million customers in the UK and Europe, has today launched its Financial Super App and debit card in the United States. Since hinting at a launch last year, Revolut has already attracted tens of thousands of U.S. customers.
Revolut launched in 2015 with a vision to build a Financial Super App - a single app where consumers can manage all aspects of their financial life. In just four years, the company has attracted more than 10 million customers, raised over $800 million in funding - and now employs more than 2,000 people globally, including in New York and San Francisco.
Starting today, U.S. consumers can set up a Revolut account in minutes from their smartphone. Once they have downloaded the app for iOS or Android, customers simply need to enter their personal information and upload their identification documents, and their account should then be verified within a matter of minutes.
Once a customer has been approved, they will instantly receive their new account details, which can then be used to make payments and deposit a salary. U.S. customer deposits are FDIC insured up to $250,000, through a partnership with Metropolitan Commercial Bank. U.S. customers are also able to get their salary up to two days in advance via direct deposit.
In an effort to give customers more visibility and control over their money, Revolut customers receive instant spending notifications, can see exactly how much money they are spending on things like restaurants, groceries and transportation, and can set up monthly spending budgets for individual categories.
"As the cost of living increases disproportionately to people's take home salaries, now more than ever, people need to know exactly what is coming in and out of their account. They should have the tools to help them manage their money more conveniently and accurately," said Nik Storonsky, Founder & CEO of Revolut.
Additionally, Revolut customers can instantly send and request money to each other for free, split the bill at the tap of a button, and round-up every card purchase to the nearest dollar and stash away their spare change.
"It has been exciting to experience Revolut's growth and scale to new markets," said Sherri Haymond, Executive Vice President, Digital Partnerships at Mastercard. "We're thrilled to build upon our relationship with Revolut. With the launch of Revolut's Mastercard debit card in the US, we can continue to co-innovate to deliver truly differentiated financial services to consumers."
U.S. customers can also spend and transfer money globally at the interbank exchange rate, hold and exchange 28 currencies in the app, and withdraw cash from over 55,000 ATM machines in the United States and globally without hidden fees.
"When spending or transferring money overseas, most people are unaware of the hidden fees that banks are charging them. The world is becoming more connected, and financial services should be supporting this notion, not hindering it," continued Storonsky.
At the tap of a button, U.S. customers can freeze and unfreeze their card from within the app, and turn on and turn off payment functionalities, such as contactless, swipe, online payments and ATM withdrawals for added security. And for those who frequently make online payments, Revolut offers a disposable virtual card, whereby virtual card details are refreshed each time a transaction is made online.
Background - COVID19
- As a digital, cloud-based company, Revolut allows customers to open an account in minutes directly from their smartphones. We do not operate branches.
- As people worry about loved ones around the world, Revolut allows customers to transfer money abroad without any hidden fees.
- Revolut advises customers to make digital-only payments. All Revolut cards are fully contactless, and we support both Apple and Google Pay.
- We are continuing to conduct comprehensive modelling and stress tests to evaluate potential impacts of spikes in customer activity.
- Our 800-person customer support team is on-hand to support our customers with any issues, 24/7.
About Revolut
Revolut is here to transform the way money works. As an innovative, new kind of financial platform, it gives people the power to spend, transfer and manage their money without the sky-high fees charged by traditional banks.
Since launching in 2015 in the UK, Revolut has expanded significantly beyond its origins as an FX product, adding new features and services all the time, including salary advance, instant peer-to-peer payments, budgeting controls and FDIC insurance up to a value of $250,000, through a partnership with Metropolitan Commercial Bank.
Headquartered in London, with 2,000 people in 23 offices, Revolut is now one of the biggest Fintech communities in the world, with over 10 million customers globally. Since launch, Revolut has raised over $800 million in funding, processed more than 1bn transactions worth over $130bn.
SOURCE Revolut Technologies, Inc.
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