Key Data

• Trading Name: Revolut
• Legal Entities: Revolut Ltd, Revolut Trading Ltd, Revolut Bank UAB, and other entities
• Activities: Banking, payment, and investment services, including crypto
• Authorization: Banking licenses for 30 jurisdictions, including UK
• Location: HQ in London
• Key People: Nikolay “Nik” Storonsky and Vlad Yatsenko (founders)
• Related news: Revolut
• Latest update: July 25, 2024

Financial Standing

Revolut showed impressive results for 2023. Its Revolut customer base grew from 26.2 million to 38.0 million at year-end, a nearly 45% increase. Revenue increased from £0.92 billion in 2022 to £1.80 billion, marking a 95% increase. Similarly, profit before tax grew to £438 million in 2023, and net profit grew to £344 million.

This impressive financial achievement is attributed to rising interest rates and a strategic expansion plan.

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 licensed and expects to receive it in 2024. It works with banking licenses in 30 regulatory regimes, including the EU.

The company addresses retail customers and businesses. It 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 June 2024, Revolut boasts 38 million retail customers worldwide and facilitates 490 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: 4,1 Stars with “Great” trust level from more than 155,000 reviews (July 25, 2024)
• Google/ Apple 4.5/5 and 4.9/5 Regulation

Compliance Check

In July 2024, Revolut received the banking license it applied for in the UK in 2021. This was an important milestone for FinTech and shows that even the highly critical UK regulators have confidence in the company’s compliance. Revolut also already has a banking license in other jurisdictions such as Lithuania and Mexico.

Rating Conclusion

Revolut has demonstrated significant progress, securing regulatory licenses across numerous jurisdictions. In light of these achievements, we are pleased to include Revolut on our Green Compliance list.

Customer feedback further reinforces this positive assessment, with user reviews indicating high satisfaction levels. The Revolut app consistently receives top ratings on both Apple and Google platforms. Coupled with its robust financial standing, these factors lead us to place Revolut on our Green Risk list, reflecting its strong financial stability and minimal risk profile.