What is Revolut Bank?

 What is Revolut?

Revolut offers a range of digital banking services in a mobile app targeted at young tech-savvy users, including:

Transferring money abroad in 29 currencies

A pre-paid debit card that enables cash machine withdrawals in 120 countries

A crypto-currency exchange allowing users to convert currencies into Bitcoin, Litecoin, Ethereum, Bitcoin Cash or XRP

Vaults for budgeting and saving money

Mobile phone and overseas medical insurance

With standard accounts, users get a free UK current account and a free euro IBAN account. There are no fees on exchanging in 24 currencies, up to £5,000 a month, and you can withdraw up to £200 a month from cash machines.

Revolut also offers monthly subscription plans with higher thresholds for no fees, as well as instant access to crypto-currencies, cash back, travel and concierge service.

Revolut's services are currently only available in Europe, but the firm has plans to expand into North America, Australia, Singapore and Hong Kong soon.

Revolut is a British-Lithuanian neobank and financial technology company that offers banking services. Revolut Bank UAB is licensed and regulated by the Bank of Lithuania within the European Union. Headquartered in London, it was founded in 2015 by Nikolay Storonsky and Vlad Yatsenko.

It was not a bank when it started, but Revolut announced in December that it had been granted an EU banking licence by the European Central Bank. It still aims to acquire a full UK banking licence.

It has already attained the status of a tech "unicorn" - a term used to describe private start-ups valued at more than $1bn (£740m).

Who founded Revolut?

Revolut's founders Vlad Yatsenko and Nikolay Storonsky

Revolut was founded by Nikolay Storonsky and Vlad Yatsenko. Mr Storonsky is Russian-born, but carries a British passport and has lived in the UK since the age of 20.

Mr Yatsenko is Ukranian British, and has lived in the UK since 2010.

Mr Yatsenko and Mr Storonsky created start-up Revolut and launched it in July 2015 at the Level39 tech accelerator in Canary Wharf.

Prior to setting up Revolut, Mr Storonsky worked for Credit Suisse and Lehman Brothers, while Mr Yatsenko spent five years building financial systems for major investment banks.

The duo said that they started Revolut because they were frustrated with the fact that traditional banks were taking so long to introduce digital banking services for younger customers, who prefer to access most services through their smartphones.

Mr Yatsenko serves as Revolut's chief technology officer, while Mr Storonsky is chief executive of the firm.

How big is Revolut?

As of March, Revolut says it reached 4.5 million customers - 1.6 million customers are located in the UK alone.

Revolut is currently valued at $1.7bn (£1.3bn) from its most recent fundraising.

The three-year-old firm's growth has been impressive - its customer numbers trebled to 1.2 million in 2017, while revenues increased five fold to £12.8m.

In September, Revolut said 7,000 new accounts were being opened a day, and that it was processing $3bn in transactions a month.

Is Revolut an actual bank account?

Revolut is a fintech, or an online-only bank, which means not only does it not have an extensive branch network, it doesn't have one single physical branch in the country; the entirety of a customer's banking must be conducted online via its mobile app.

Is Revolut a bank or card?

Revolut provides a wide range of financial services like free bank accounts, multiple debit card options, budgeting features, cryptocurrency trading, and stock trading. Revolut offers four plans: standard (free), plus (£3/month), premium (£8/month), and metal (monthly cost).

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