Revolut

UK-based FinTech Pioneer with Lithuanian Banking License

Key Data

  • Trading Name: Revolut
  • Legal Entities: Revolut Ltd, Revolut Trading Ltd, Revolut Bank UAB, and other entities
  • Activities: Payment, banking, and investment services
  • Authorization: FCA-regulated e-Money Institution (EMI), EU Banking License
  • Location: London and other locations
  • Key People: Nikolay “Nik” Storonsky and Vlad Yatsenko (founders)

Offering

Revolut, headquartered in London, was founded in 2015 and operates as an FCA-regulated e-money institution in the UK. It has applied for a banking license and holds an EU banking license through its Lithuanian entity. The company offers virtual accounts, banking, and investment services globally, featuring various financial products and services such as currency exchange, debit cards, virtual cards, Apple Pay, interest-bearing “vaults,” commission-free stock trading, cryptocurrencies, and more. As of January 2024, Revolut boasts over 35 million customers worldwide and facilitates over 150 million monthly transactions.

Industries/Customers

Revolut primarily caters to frequent travelers, overseas students, individuals with family members abroad, and those engaged in international business transactions. While it can be used domestically, Revolut shines in providing real-time exchange rate advantages for users spending across borders. The platform also accepts high-risk merchants.

Security Revolut places a strong emphasis on security, offering users customizable settings within the app. Users can enable or disable features like magstripe payments, ATM withdrawals, and contactless payments. Additionally, the app includes GPS locators to aid in the retrieval of lost or stolen cards.

Pros

  • Can top-up in and hold several currencies
  • Expanding range of features (e.g., cryptotrading, disposable virtual cards)
  • Premium subscription options with perks like travel insurance

Cons

  • Customer accounts can be temporarily frozen for security reasons
  • Although possessing a banking license, Revolut does not offer current accounts with deposit guarantees or support standing orders. Direct debits are limited to EUR and GBP.
  • Reported issues with customer support

Customer Review

Trustpilot: 4,2 Stars with 140.000+ Reviews

Google: 4.5 Stars with 2M+ Reviews

Regulation

Revolut Ltd is registered in England and Wales (No. 08804411), 7 Westferry Circus, Canary Wharf, London, England, E14 4HD and is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (Firm Reference 900562). Revolut Travel Ltd is authorised by the Financial Conduct Authority to undertake insurance distribution activities (FCA No: 780586). Our insurance products are arranged by Revolut Travel Ltd and Revolut Ltd, which is an appointed representative of Revolut Travel Ltd. Revolut’s stock trading products are provided by Revolut Trading Ltd (No. 832790), an appointed representative of Resolution Compliance Ltd, which is authorised and regulated by the Financial Conduct Authority.

In April 2024 Revolut has secured a banking license in Mexico, signaling its entry into Latin America’s second-largest economy. With over 40 million users worldwide, Revolut aims to tap into Mexico’s $63 billion cross-border remittance market and offer a broad range of financial services. Led by Juan Miguel Guerra Dávila, the firm’s Mexican team is ready to challenge the traditional financial landscape following its recent success in Brazil.

Conclusion

Revolut has demonstrated transparency and sufficient funding. Despite some limitations, the company is considered compliant, earning a spot on the “Green Compliance” list.

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