What is Revolut?
Revolut is a financial technology company that offers banking and financial services through a mobile application. Founded in 2015 and headquartered in London, Revolut aims to be an alternative to traditional banks by providing free international money transfers, fee-free spending abroad, and interbank exchange rates.
Some key features of Revolut include:
- Free bank accounts in multiple currencies
- Physical and virtual debit cards
- Peer-to-peer payments
- Cryptocurrency exchange and trading
- Commission free stock trading
- Travel insurance and phone insurance
- Personal loans and cash advances
- Budgeting and analytics tools
Revolut primarily makes money through interchange fees from card payments, along with premium subscriptions that offer additional features. It has over 25 million customers globally and has raised over $1 billion in funding.
While innovative in its offerings, Revolut has also faced criticism around its communication, responsiveness to customers, and approach to tackling money laundering. However, with its rapid growth and development of new products, it continues to pose a threat to challenger banks globally.