Revolut is a digital banking alternative for instant payment notification and free international money transfers and global fee-free travel.
|Funding Status:||Series D|
|Location:||London, England, United Kingdom|
|Number of employees:||1001-5000|
|Founders:||Nikolay Storonsky, Vladyslav Yatsenko|
Target geographic market:
The British Bank Awards: Innovation of the Year (March 2020); World Finance Digital Banking Awards 2018: Best Digital Bank in the UK
|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|
|Last Funding Date||Jul 24, 2020|
|Last Funding Amount||$80M|
|Last Funding Type||Series D|
|Total Funding Amount||$917M|
|Number of Funding Rounds||16|
|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|
|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|
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