Revolut

Revolut

Revolut is a London-based Fintech startup and bank offering mobile banking, card payments, money remittance, and foreign exchange services.

Revolut was launched by Nik Storonsky and Vlad Yatsenko in July 2015. With Revolut, users can set up an app-based current account, spend abroad in over 150 currencies with no fees, hold and exchange 24 currencies in-app and send free domestic and international money transfers with the real exchange rate. Funds can be stored on a mobile wallet or a physical prepaid card, which, starting December 2018, can be purchased in-person at wilko stores in the UK. Once the prepaid card is purchased and connected to a users Revolut account, users can begin conducting transactions such as ATM withdrawals, purchases at physical and online retailers, and more.

In December 2018, there were 8,000 to 10,000 people opening a Revolut account per day.

Funding

By December 2018, Revolut had raised a total of $336m from investors including DST Global, Index Ventures, Balderton Capital and Ribbit Capital.

Venture round

On May 27, 2019 Revolut completed a venture capital round with an undisclosed amount of funding from Future Fifty.

Series A

On July 14, 2016 Revolut completed their series A funding round with $10 million in funding from Balderton Capital (lead investor), Venrex Investment Management, Seedcamp, Point Nine Capital, NJF Capital, Index ventures, Digital Space Ventures, Ricardo Schaefer, and Nicole Junkermann.

Series B

On July 11, 2017 Revolut completed their seres B funding round with $66 million in funding from Index Ventures (lead investor), Ribbit Capital, Greyhound Capital, and Balderton Capital.

Series C

On April 26, 2018 Revolut completed their series C funding round with $250 million in funding from DST Global (lead investor), Sprints Capital, Socii Capital, Ribbit Capital, Lakestar, Index Ventures, Greyhound Capital, Global Founders Capital, and Draper Esprit.

Timeline

December 16, 2020
Revolut launches mid-tier subscription plan.
December 2, 2020
Revolut launches early salary feature in the UK and web app.
July 24, 2020
Revolut extends Series D round to $580 million with $80 million in new funding.

June 3, 2020
Revolut announces the launch of its new financial app version.
March 24, 2020
Revolut launches digital banking app in the US
August 1, 2019
Revolut launches stock trading in limited release

Fintech startup Revolut is launching its stock trading feature today.

April 1, 2019
In September, Revolut said 7,000 new accounts were being opened a day, and that it was processing $3bn in transactions a month.
July 2015
Revolut founders Yatsenko and Storonsky launched Revolut in July 2015 at the Level39 tech accelerator in Canary Wharf.

Funding rounds

Funding round
Funding type
Funding round amount (USD)
Funding round date
Investment
Revolut funding round, April 2018
250,000,000
April 2018
10 Results
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People

Name
Role
LinkedIn

Nik Storonsky

Co-Founder and CEO

Vlad Yatsenko

Co-Founder

Further reading

Title
Author
Link
Type
Date

Documentaries, videos and podcasts

Title
Date
Link

Companies

Company
CEO
Location
Products/Services

News

Title
Author
Date
Publisher
Description
Rachel Green
January 12, 2021
Business Insider
Revolut is betting that the license's deposit insurance will drive more customers to make Revolut their primary account.
Romain Dillet
January 11, 2021
TechCrunch
It's hard to believe that fintech startup Revolut doesn't have a proper banking license in its home country. But this is about to change, as the company has applied for a banking license in the U.K. Up next, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) are going to look at the [...]
Anthony Ha
January 11, 2021
TechCrunch
Platforms and infrastructure providers dump Parler, Microsoft unveils a new Surface and a Chinese fitness app raises $360 million. This is your Daily Crunch for January 11, 2021. The big story: Parler sues Amazon after going offline President Donald Trump has found himself banned from most of the major social media and internet platforms, with [...]
Romain Dillet
January 11, 2021
TechCrunch
It's hard to believe that fintech startup Revolut doesn't have a proper banking license in its home country. But this is about to change as the company has applied for a banking license in the U.K. Up next, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) are going to look at the [...]
Callum Burroughs
January 6, 2021
Business Insider
Fintech startups like Revolut, Luno, and eToro have seen a boom in demand for their cryptocurrency services as the price of Bitcoin skyrockets.
Callum Burroughs
January 1, 2021
Business Insider
Investors have piled into fast growing fintech startups with major rounds seeing staggering valuations, particularly for challenger banks.
Freya Pratty
December 29, 2020
Sifted
European fintech raised more capital in 2020 than any other industry. Here are the ten biggest funding rounds of the year.
Callum Burroughs, Martin Coulter, Caterina Dassie and Shona Ghosh
December 27, 2020
Business Insider
Business Insider sat down with senior execs from the likes of Facebook, Revolut, and Darktrace.
Callum Burroughs
December 21, 2020
Business Insider
"Revolut are not a marketplace but they are going for a super app and are in a unique position to do so and cross sell more services,"
Isabel Woodford
December 21, 2020
Sifted
Banks, banks, and even more banks
Romain Dillet
December 16, 2020
TechCrunch
Fintech startup Revolut is tweaking its subscription plans with a new mid-tier offering called Revolut -- it costs £2.99 per month. Like N26 Smart and Monzo Plus, the new plan is a pandemic-proof package that doesn't focus as much on travel. For the past couple of years, challenger banks and alternatives to traditional bank accounts [...]
Romain Dillet
December 16, 2020
TechCrunch
Fintech startup Revolut is tweaking its subscription plans with a new mid-tier offering called Revolut -- it costs £2.99 per month. Like N26 Smart and Monzo Plus, the new plan is a pandemic-proof package that doesn't focus as much on travel. For the past couple of years, challenger banks and alternatives to traditional bank accounts [...]
By Justin Harper
December 13, 2020
BBC News
Women who have risen to the top in the banking world share the challenges they have faced.
Rachel Green
December 9, 2020
Business Insider
Revolut broke even following a 40% drop in revenues earlier in the pandemic--though it will need to keep up the momentum to become profitable.
Callum Burroughs
December 8, 2020
Business Insider
$5.5 billion startup Revolut has had a rollercoaster 2020 and has changed a lot, the fintech's CTO said.
Anthony Ha
December 4, 2020
TechCrunch
We learn more about Slack's future, Revolut adds new payment features and DoorDash pushes its IPO range upward. This is your Daily Crunch for December 4, 2020. The big story: Slack and Salesforce execs explain their big acquisition After Salesforce announced this week that it's acquiring Slack for $27.7 billion, Ron Miller spoke to Slack [...]
Romain Dillet
December 4, 2020
TechCrunch
Fintech startup Revolut is launching its own acquiring solution. With this move, the company is competing directly with Stripe, Adyen, Braintree or Checkout.com. This is an in-house product and not just a fresh coat of paint on an existing solution. As a reminder, Revolut already offers business accounts. It lets you send and receive international [...]
Romain Dillet
December 4, 2020
TechCrunch
Fintech startup Revolut is launching its own acquiring solution. With this move, the company is competing directly with Stripe, Adyen, Braintree or Checkout.com. This is an in-house product and not just a fresh coat of paint on an existing solution. As a reminder, Revolut already offers business accounts. It lets you send and receive international [...]
Gregory Magana
December 2, 2020
Business Insider
Revolut's mobile app updates and new online portal come as Starling's newfound profitability is putting the spotlight on other UK neobanks' success.
Romain Dillet
December 2, 2020
TechCrunch
Fintech startup Revolut has two new features this week. First, the company is launching a web app for its regular users -- not just business users. Second, in the U.K., Revolut has partnered with Modulr to let you receive your salary a day early. Revolut has historically focused its efforts on its mobile app. If [...]
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References

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