Often compared to the likes of mobile-only banks Monzo and Starling, Revolut offers users an online banking experience through a well-designed app. Its features include the ability to send and request money from friends (similar to Venmo), built-in budgeting, instant spending notifications, a free disposable virtual card, and fee-free currency exchange.
The company noted that users in the United States will also have access to two types of premium subscription – a $9.99 per month option including free withdrawals of up to $600 per month, and a $14.99 ‘Metal’ subscription with free withdrawals of $900 per month, 1% cashback on all purchases, and a stylish metal debit card.
In February 2020, according to a The Bell exclusive, Revolut had changed its mind about entering the Russian market – a desire to disassociate the brand with Russia was cited as a likely reason for the decision. A second possible reason was poor infrastructural support and slow integration from Revolut’s Russian partner, Qiwi. In response to The Bell’s queries, the company said that it indefinitely postponed its plans as it was not fully confident it could guarantee Russian users an ‘excellent quality of service’.
Revolut was founded by Nikolai Storonsky and Vladislav Yatsenko in London in 2015, and was originally based in Level39, a fintech incubator in Canary Wharf. The company was most recently valued at $5.5 billion.