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Revolut
Description
Revolut is a digital banking alternative for instant payment notification and free international money transfers and global fee-free travel.
Overview
| Type: | Private |
| Funding Status: | Series D |
| Foundation year: | 2015 |
| Location: | London, England, United Kingdom |
| Number of employees: | 1001-5000 |
| Founders: | Nikolay Storonsky, Vladyslav Yatsenko |
| Website: | https://www.revolut.com/ |
Target geographic market:
Europe
Awards:
The British Bank Awards: Innovation of the Year (March 2020); World Finance Digital Banking Awards 2018: Best Digital Bank in the UK
About Product/Service
| Products | UK current accounts, EURO current accounts with IBAN, prepaid cards, virtual prepaid cards, cryptocurrency exchange, cryptocurrency transfers between Revolut users |
|---|---|
| Core product offerings for individual/retail customers | UK Personal/Business Current Account |
| Differentiating features of product | Revolut has a few features no other banking app offers: namely, a multi-currency account, fee-free international money transfers, cryptocurrencies and an insurance option that can be added on the go. |
| Core product for bussiness customers | 1. UK and EU accounts. Can hold 29 currencies. 2. App-based banking. Freeze the card on the go, get instant notifications, categorise and visualise your spending. 3.Fee-free international money transfers. 4. Fee-free spending abroad. 5. Put money aside in a Vault to save towards a goal. 6. Travel and device insurance can be added (and paid by the day, with great flexibility). |
| Regulators/Compliance | GDPR, PSD2, SCA, RTS, AMLD5/CFT policies, CRR, PPI, MiFIDll, Basel III, SEPA, IFR |
| The Base Currency | £ (GBP) |
| Number of Currencies Supported | Over 30 |
| Product cost | Revolut Standard: £0/mo; Revolut Premium: £6.99/mo; Revolut Metal: £12.99/mo |
|---|---|
| Openning a current account (business and personal) | Free |
| Issuing physical card and delivery | £4.99 or currency equivalent for standard delivery, £11.99 or currency equivalent for express delivery to the UK ,€19.99 or currency equivalent for express delivery outside the UK The delivery charge may be more depending on where you are sending the card |
| Currency exchanges | 0.5% markup on all currency exchanges done during the weekend |
| ATM withdrawals | 2% fee on ATM withdrawals after the first £200 each month |
| (a) a personal account | Yes |
| (b) a business account | Yes |
Funding rounds
| Last Funding Date | Jul 24, 2020 |
|---|---|
| Last Funding Amount | $80M |
| Last Funding Type | Series D |
| Total Funding Amount | $917M |
| Number of Funding Rounds | 16 |
Financials
| Customer/Products segments | Business Accounts, Business Lending, Consumer Lending, Credit Card:Visa, FX, Individual/Retail Accounts, Mortgages (Residential), Overdrafts, Remittance/International Transfers, Multi-Currency Accounts, Cryptocurrency, P2P Payments, Insurance |
|---|---|
| Key product offering | Personal accounts (Standard, Premium, Metal, Junior); Business Accounts: Revolut Business |
| Major shareholders | TSG Consumer Partners, TCV, Future Fifty, DST Global, Index Ventures, TriplePoint Capital, Mastercard Start Path, Balderton Capital |
| Banking license | The app was granted a European banking licence by the Bank of Lithuania in 2018, but in the UK has operated as an FCA authorised e-money institution. In 2020 applied to UK banking license |
| Type of customers | Individuals, businesses |
| Number of customers | Over 12M personal customers, over 500k business customers, over 35 countries supported |
| Estimated revenue | $50M to $100M |
| Number of investors | 39 |
| Number of lead investors | 8 |
| Names of lead investors | TSG Consumer Partners, TCV, Future Fifty, DST Global, Index Ventures, TriplePoint Capital, Mastercard Start Path, Balderton Capital |
Tech stack
| The technologies that underpin a platform (FX, identity, infrastructure, security, payments gateways, business systems, APIs, etc.) | open source platform, Docker, Git Hub, Git, Stripe, AWS cloud, React, Phyton, Cloudflare, APIs, mobile apps - Android and iOS. Apple Pay and Google Pay, biometrics tech powered by Onfido |
|---|---|
| Devices supported | iOS, Android |
| Languages | English |
Competitors
| Founding Date | Type | Tags | |
x Timo Timo provides banking services in Vietnam | 2015 | Challenger banks, fintech | |
x N26 N26 was founded in 2013 by Valentin Stalf and... | 2013 | Private | Challenger banks, fintech |
x Monese We’re reimagining the way banking works. We make... | 2013 | Private | fintech, challenger banks |
x Thinkmoney Think Money is one of the largest and longest-... | 2002 | Private | Challenger banks, fintech |
x Tinkoff Bank Tinkoff Bank is a credit card company and a first... | 2006 | Private | Challenger banks, fintech |
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