Revolut

London-based Revolut offers digital banking and lending products to both B2C and B2B segments via a web portal and mobile app. 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 has also acquired Nobly POS (Nobly) in November 2021, a technology provider for the hospitality industry, to further strengthen its business offering. Revolut was also intending to join Irish based Synch Payments’ money transfer application in June 2022.

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 (launched in June 2023), allowing consumers 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. Furthermore, the robo-advisory platform was made available to EEA customers in February 2024.

In addition, it offers cryptocurrency trading services in the US, Singapore as well as 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 July 2023, the company operated in Europe, the UK, US, Australia, Singapore, Switzerland, Japan, Mexico, Brazil, and New Zealand. Furthermore, it had plans to roll out its services in India. It was granted a full banking license for its operations in the European Union by the European Central Bank (ECB) in December 2021 and a Direct Credit Society (SCD) license by the Central Bank of Brazil in May 2024. In addition, the company has also applied for banking licenses in the UK (in January 2021) and the US (in March 2021) to expand its product offerings in these markets.

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, with plans to extend the partnership to Brazil and Mexico. The two companies were also seeking additional opportunities to collaborate. 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.

Funding and financials

In July 2021, the company raised USD 800 million in Series E funding co-led by Softbank Vision Fund 2 and Tiger Global at a valuation of USD 33 billion. Revolut has planned to use the funding to expand its geographical presence, particularly in the US and India, and develop new products.

In 2022, Revolut recorded revenue of USD 1.1 billion (GBP 923 million), up 45% YoY, while its net profit declined 78% YoY to USD 6.9 million (GBP 5.8 million).