The digital banking alternative, Revolut, has been making strides and hitting significant milestones as of late. Revolut, which was founded in 2013 and is based in the U.K, is seeking to bring better banking to the world.
The company has gained the trust of more than 1 million customers, and have processed over 42 million transactions, which have a total value of 6 billion dollars.
Yes, the company has been busy; they’ve been able to grow strongly due to their easy-to-use platform.
They are now in the process of deploying their services to the U.S based users, and they are making promises to provide incremental innovations such as instant payment transactions, free international money transfers, and global fee-free spending. The specific features relating to global transactions might also be a significant draw for those who transact frequently with overseas participants, as the app allows you to gain access to real exchange rates globally while making free international ATM withdrawals. Their multi-currency accounts feature is an extension of how they are representing themselves as a global-oriented company. The multicurrency accounts are able to hold, transfer, and exchange money in USD, as well as fifteen other foreign currencies. Another feature that the app brings is that it shows the user the critical details of their spending, what they are spending on, and how much on various categories.
Their innovations, which allow for a better consumer experience across the board, can draw more people to their platform and it can act as a foundation for future growth.
Here’s the most exciting part, they are going to be providing the capability for its users to trade ethereum and litecoin! They have already allowed for bitcoin trading in the past and are now adding support for more cryptocurrencies. Users of the Revolut app should be able to start trading these currencies at the current moment.
The company is staying ahead of the curve by listening to its customers. They understand that cryptocurrencies are in demand currently and will be the future going forward, so they decided to integrate cryptocurrencies into their app now rather than later.
Revolut is on a roll and institutional investors have definitely taken notice, with investors such as Index Ventures and others providing them with $66 million, just a few months ago, (July of this year) to continue to grow and expand their operations across the board.
They are aware that sometimes users may not have the funds in their bank account to process a transaction. To prevent this from being a hassle to them and their users, they designed a system that, when a user with insufficient funds in their Revolut account swipes their debit card, instead of charging back, Revolut will convert user’s cryptocurrency to fiat to make up for the slack.
Revolut seems to be making banking much easier, as they understand their mobile savvy and on the go audience, so they provide them with an experience that truly meets their needs.
One of their representatives stated that one of the reasons they integrated cryptocurrencies is because they saw the poor user experience, “despite being one of the hottest trends in the world right now, getting exposure to cryptocurrency has notoriously been time-consuming and expensive.”
Remember, Revolut is a Bank but it is operating in totally different fashion than it’s peers who have been around for a while and the market is rewarding them for their innovativeness.