Page protected with pending changes

Revolut

From Wikipedia, the free encyclopedia
Jump to navigation Jump to search

Revolut Ltd
Private
IndustryFinTech
Founded1 July 2015; 4 years ago (2015-07-01)[1]
FounderNikolay Storonsky, Vlad Yatsenko
HeadquartersLondon, United Kingdom
Key people
Nikolay Storonsky (CEO)
ProductsCurrent Accounts, Debit Cards, Insurance, Peer-to-peer lending, Remittance
ServicesPeer-to-peer payments, Currency Exchange
Number of employees
630+ (Dec 2018)
Websiterevolut.com

Revolut Ltd is a UK financial technology company that offers banking services including a prepaid debit card (MasterCard or Visa), currency exchange, cryptocurrency exchange and peer-to-peer payments.[2] The Revolut mobile app supports spending and ATM withdrawals in 120 currencies and sending in 29 currencies directly from the app. It also provides customers access to cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), and XRP by exchanging to or from 25 fiat currencies. [3]

Revolut currently charges no fees for the majority of its services (but for a capped usage), and uses inter bank exchange rates for its currency exchange on weekdays, and charge a markup from 0.5% to 1.5% on weekends.

The London-based startup was founded by Nikolay Storonsky and Vlad Yatsenko. The company originally was based in Level39, a financial technology incubator in Canary Wharf, London.[4]

History[edit]

On 26 April 2018, Revolut announced that it had raised a further $250 million in a funding round led by Hong Kong-based DST Global, reaching a total valuation of $1.7 billion and thus becoming a unicorn.[5] DST Global was founded by Yuri Milner, who has been backed by the Kremlin in his previous investments.[6]

In December 2018, Revolut secured a Specialised Bank licence from European Central Bank, facilitated by the Bank of Lithuania. Having secured a Specialised Bank licence, Revolut is authorised to accept deposits and offer consumer credits. The main difference between a specialised and a full-range bank is that the former is not authorised to provide investment services. At the same time, an Electronic Money Institution licence was issued by the Bank of Lithuania.[7][8]

In March 2019, an exposé of the company's employment practices and culture was published by Wired. This found evidence of unpaid work, high staff turnover and employees being ordered to work weekends to meet performance indicators.[9] It was also revealed the company's Chief Financial Officer had quit, following allegations of compliance lapses.[10]

As of July 2019, the company claimed to have over 6 million users[11]. That same month, Revolut launched commission-free NYSE & NASDAQ stocks trading within its app for customers in its "Metal" plan.[12]

References[edit]

  1. ^ "Revolut company profile". AngelList. Retrieved 11 January 2016.
  2. ^ Dillet, Romain (2015-07-20). "Revolut Raises $2.3 Million For Its Mobile Foreign Exchange Service". TechCrunch. Retrieved 2016-01-11.
  3. ^ Kyburz, Kevin (2018-01-29). "Banking App for Travelers – Revolut Converts Currencies Minus the Fees!". Techgarage. Retrieved 2018-02-11.
  4. ^ Dan, Enriques (2018-04-29). "Are You Ready To Give Fintech A Try?". Forbes. Retrieved 2018-06-12.
  5. ^ Munford, Monty (2018-04-26). "Revolut launches current accounts and a chatbot". Forbes. Retrieved 2018-04-26.
  6. ^ Drucker, Jesse (2017-11-05). "Kremlin Cash Behind Billionaire's Twitter and Facebook Investments". The New York Times. ISSN 0362-4331. Retrieved 2019-01-31.
  7. ^ "Revolut granted specialised bank and electronic money institution licences". Bank Of Lithuania. 2018-12-13. Retrieved 2018-12-13.
  8. ^ Megaw, Nicholas (2018-12-13). "Lithuania licence lets Revolut launch banking products". Financial Times. Retrieved 2018-12-13.
  9. ^ Mellino, Emiliano (2019-02-28). "Revolut insiders reveal the human cost of a fintech unicorn's wild rise". Wired. Retrieved 2019-03-01.
  10. ^ Russell, Joe. "Revolut CFO resigns following money laundering controversy". TechCrunch. Retrieved 2019-03-01.
  11. ^ https://www.revolut.com/en-US/about-revolut
  12. ^ "Subscribe to read". Financial Times. Retrieved 2019-08-09.

External links[edit]