Revolut is a digital banking alternative that includes a pre-paid debit card (MasterCard), currency exchange, and peer-to-peer payments. Revolut currently charges no fees for the majority of its services (but for a capped usage, see "fees" section), and uses the interbank rates for its currency exchange ).
The London-based startup was founded by Nikolay Storonsky and Vlad Yatsenko and 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.
Video Revolut
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 2017, Revolut launched UK current accounts, enabling its customers to get a personal IBAN. In July 2017, users can get a personal EUR IBAN.
Maps Revolut
See also
- Financial technology
- Monzo (bank)
References
External links
- Official website
Source of the article : Wikipedia
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