Revolut

Revolut Group Holdings Ltd.
Company typePrivate
IndustryFinancial technology
Founded1 July 2015; 9 years ago (2015-07-01)
Founders
HeadquartersLondon, England
Area served
United Kingdom, European Union, Switzerland, Australia, New Zealand, Japan, Singapore, United States, Brazil
Key people
Productscurrent accounts, debit cards, stock trading, personal loan, foreign exchange, insurance, BNPL, Business account
ServicesPeer-to-peer payments, currency exchange
RevenueIncrease £1.8 billion (2023)[1]
Increase £438 million (2023)[1]
Increase £344 million (2023)[1]
Total assetsIncrease £17.4 billion (2023)[1]
Number of employees
8,152[1] (2023)
Websiterevolut.com

Revolut Group Holdings Ltd, doing business as Revolut,[2] is a British multinational neobank and fintech company that offers banking services for individuals and businesses.[3] The company was founded in July 2015 by British-Russian businessman Nikolay Storonsky and British-Ukrainian software engineer Vlad Yatsenko and operates in 48+ countries.[4]

The bank offers free and subscription-based digital banking services, primarily through a mobile app. Features include domestic and international bank transfers, pre-paid debit cards, a stock and cryptocurrency exchange, as well as other features such as savings accounts and loans.[5][6]

Revolut has been subject to criticism and many controversies in the past, such as issues with customer support and long-lasting lockouts,[7] as well as anti-money laundering compliance failures,[8] lack of support for defrauded customers,[9][10] and even claims of ties to the Russian government[11] which the company strongly denied.[12]

The company achieved unicorn status in April 2018, after receiving €205 million in investments during Series C round funding, which valued the company at over €1.4 billion.[13]

  1. ^ a b c d e "2023 Annual Report" (PDF). Revolut Group Holding Ltd. 2 July 2024. Retrieved 9 August 2024.
  2. ^ "Who Owns Revolut". TheBanks.eu. 2022-06-11. Retrieved 2024-12-21.
  3. ^ "Revolut to offer "secret sauce" HRtech to "select" companies in new B2B offering". Tech.eu. 2023-11-16. Retrieved 2024-02-21.
  4. ^ "Supported countries where I can sign up for Revolut | Revolut United Kingdom". Revolut. Retrieved 2024-12-21.
  5. ^ "What is Revolut?". 2019-04-01. Retrieved 2024-12-21.
  6. ^ "Revolut to start offering loans and credit cards". bonkers.ie. 2022-02-01. Retrieved 2024-12-21.
  7. ^ Venkataramakrishnan, Siddharth; Hollowood, Ella; Noonan, Laura (2023-04-06). "Fintechs face reckoning over customer service". Financial Times. Archived from the original on 2024-11-20. Retrieved 2024-12-21.
  8. ^ October 2023, 2nd (2023-10-02). "Revolut reportedly in talks with the UK's FCA over AML failures". www.fintechfutures.com. Retrieved 2024-12-21.{{cite web}}: CS1 maint: numeric names: authors list (link)
  9. ^ Brignall, Miles (2024-04-10). "I'm a victim of scammers. But Revolut says 'no' to a refund". The Guardian. ISSN 0261-3077. Retrieved 2024-12-21.
  10. ^ "Revolut customers say e-money firm failed them after being scammed". www.bbc.com. Retrieved 2024-12-21.
  11. ^ "Revolut: Could allegations of Russian involvement sidetrack a fintech revolution? - IMD business school for management and leadership courses". www.imd.org. 2022-08-19. Retrieved 2024-12-21.
  12. ^ Burroughs, Callum. "UK fintech unicorn Revolut forced to deny links to Russia". Business Insider. Retrieved 2024-12-21.
  13. ^ "Revolut achieves 'unicorn' status following latest funding round". The Irish Times. Retrieved 2024-12-21.

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