Revolut

London-based Revolut offers digital banking and lending products to both B2C and B2B segments via a web portal and mobile app. The company holds its own banking license to operate in the UK, Brazil and the European Union.

Within its B2C segment, the company offers its products under four tiers. The standard package, which is offered free of charge, enables users to open bank accounts (including joint-accounts), access personal financial management (PFM) tools, make international money transfers and payments, as well as set up bill splitting and recurring payments. The cost for packages with additional features stands between GBP 3.99 to GBP 14.99 per month (for UK customers) and includes features such as insurance, faster money transfers, and disposable virtual debit cards. In addition, Revolut launched a top-tier subscription plan called Ultra, priced at GBP 45 per month. This includes a variety of perks such as those centered around travel and investing. The company also expanded into the InsurTech product vertical by launching a new standalone pet insurance product.

Business accounts are offered free of charge with additional features (such as multi-currency accounts, debit/credit cards, and financial management tools) being available at GBP 25-100 per month. Revolut also provides hardware for in-person payments in the UK and Ireland through its Revolut card reader. It charges GBP/EUR 0.02 + 0.8% per transaction and a one-off cost or customized pricing for high-volume businesses. It also launched an online checkout payment feature (Revolut Pay) for businesses, which can be set up on merchant websites and mobile checkout pages via plug-ins or APIs. The company also acquired Nobly POS (Nobly) in November 2021, a technology provider for the hospitality industry, to strengthen its business offering.

It also launched a dedicated income, payment, and expense management account–Revolut Pro–aimed at freelancers and the self-employed. The account does not charge any monthly fees nor does it require any minimum monthly balance or deposits. In addition to business account features, it also provides a dedicated International Bank Account Number (IBAN) and a 1% cashback debit card to customers. The account can also be used for accepting payments either in-person using the Revolut Reader or online with QR codes. In addition, Revolut also offers a streamlined version of its app–Revolut Lite–for customers in Latin America, Southeast Asia, and the Middle East, offering cross-border money transfers for free. Moreover, as an alternative to SWIFT payments, Revolut launched RevTags for business customers and Mobile Wallets for retail individuals, offering a free cross-border payment solution.

Revolut also offers a stock trading platform (launched in January 2022) to its US customers, where users can trade over 1,100 securities on the NYSE and NASDAQ, including ETFs and full and fractional shares, at zero commission. It rolled out the platform to EEA customers in May 2023, providing access to over 150 ETFs and European listed stocks. Furthermore, Revolut launched a robo-advisory platform in the US (in June 2023) and for EEA customers (in February 2024), allowing them to automate their investments by selecting from five diverse portfolios based on their risk tolerance. It charges an annual fee of 0.25%, and customers can start investing with a monthly minimum of USD 0.25.

In addition, it offers cryptocurrency trading services for customers in Singapore and the European Economic Area (through a regulatory approval received from the Cyprus Securities and Exchange Commission). It also received full registration from the UK FCA to offer cryptocurrency trading services in September 2022. Customers can trade over 100 individual cryptocurrencies or buy collections, which are tokens grouped based on the underlying technology and use case for each token. In addition, customers can stake their tokens within the app (limited to UK and EEA customers) and also use the Revolut Card to make payments in cryptocurrency for ecommerce and in-person purchases. Revolut had also planned to launch its own token–RevCoin, as part of its rewards program. However, it temporarily paused the launch of it in January 2023, owing to the downturn in the crypto markets. Additionally, Revolut used to offer crypto investments in the US but suspended it owing to an uncertain and stricter regulatory environment in September 2023.

As of May 2024, the company operated in Australia, Brazil, the European Economic Area (EEA), Japan, New Zealand, Singapore, Switzerland, the UK, and the US. The company also had plans to launch its services in India. Additionally, the company offers Revolut Lite in Armenia, Azerbaijan, Bangladesh, Chile, Kazakhstan, Kuwait, Macao SAR, North Macedonia, Oman, Qatar, the Republic of Moldova, Saudi Arabia, Sri Lanka, and Vietnam.

In 2023, Revolut recorded revenue of USD 2 billion (GBP 1.57 billion), while its net profit was USD 350 million (GBP 275 million).

Key customers and partnerships

As of December 2023, the company served ~35 million retail customers across 38 countries. The UK remains Revolut’s largest market, with over 6.8 million customers, followed by Romania (2.8 million customers), Poland (2.5 million) and France (2.2 million).

The company partnered with payments infrastructure provider Stripe to facilitate payments across Europe and the UK, and with Visa to enable instant card transfers for Revolut Business customers across 78 countries in over 50 currencies using only a card number through Visa Direct. The company also collaborated with Upvest, a FinTech infrastructure provider, to launch a trading platform for its customers in the EEA. Upvest was responsible for the brokerage, settlement, and custody infrastructure, as well as obtaining regulatory permissions through its German licenses. Revolut also offers auto insurance in Ireland in partnership with AIG. In addition, Revolut partnered with Paysafe to provide UK customers with cash deposit services, enabling them to deposit cash at over 12,000 locations through the Revolut app.