Revolut is a financial technology company that offers banking services. It offers accounts that feature foreign exchange, debit cards, virtual cards, Apple Pay, interest-bearing “safes,” commission-free safe trading, crypto, commodities, and other services.
What exactly is it?
Revolut offers a range of digital banking services in a mobile app aimed at young, tech-savvy users, including:
- Money transfers abroad in 29 currencies (as of 2022)
- A prepaid debit card that allows withdrawals at participating merchants in 120 countries (as of 2022)
- Cryptocurrency exchange that allows users to convert currencies to “Bitcoin,” “Litecoin,” “Ethereum,” “Bitcoin Cash,” or “XRP”
- Safes for budgeting and saving money
- Mobile and physical health insurance abroad
Who founded Revolut?
Revolut was founded by Nikolai Storonsky and Vlad Yatsenko. Mr. Storonsky was born in Russia, but holds a British passport and has lived in the UK since the age of 20. Mr. Tatsenko is Ukrainian-British and has lived in the UK since 2010.
Mr. Yatsenko and Mr. Storonsky created Revolut and launched it in July 2015 at the Level39 technology accelerator in Canary Wharf.
Mr. Yatsenko serves as Revolut’s chief technology officer, while Mr. Storonsky serves as the firm’s chief executive officer.
How big is Revolut?
Revolut has expanded into new markets and expanded its staff from 1,500 to 5,000 in 2021. In November 2020, it broke even and, with a £4.2 billion valuation, became the UK’s most valuable FinTech company. In January 2021, it applied for a UK banking license.
An $800 million funding round in July 2021 valued the company at $33 billion, making it the UK’s most valuable tech startup at the time.
How to open a personal account on “Revolut”
Opening a personal account on “Revolut” is simple:
- Simply download the app and enter your phone number
- You will then be asked to enter a password and a 6-digit code that will be sent to your mobile phone to verify the account
- You will be asked for your name, date of birth, address and email
- You will then need to make an initial deposit by entering your bank details so that a transfer can be initiated
- You will then need to provide a “selfie” and a passport photo for verification
- You will be asked to choose a standard, premium, or metal account and pay the fee (the standard account is free)
A word of caution
“Revolut” holds various banking licenses. However, it is not yet fully a bank.
While Revolut has banking licenses in 10 different countries as of 2022, the accounts reside in the UK and therefore for all intents and purposes Revolut cannot be considered a bank.
However, Revolut states on its website:
Funds with Revolut remain protected in accounts with a tier 1 UK bank, in line with the requirements of the e-money regulation. Plus, all transactions with your card are processed by the Mastercard or Visa network and are protected by the rules of Mastercard or Visa.
Please note that Revolut will only communicate with you via online chat and an automated phone call line. They will not send emails to offer support via social media or other channels.
Beware of anyone calling you claiming to be customer support, or a representative from another bank, asking you to grant access to your device.
Finally, keep in mind that Revolut will share your data, but you can opt out of data sharing in the app.