Fintech Revolut, headquartered in London, is launching its digital-only app-based bank in the US after gaining more than 10 million customers across Europe and the UK.
The US consumers have already shown interest in Revolut, and have been on a waiting list since Revolut revealed last year that it is planning to carry its “financial super app” and debit card across the pond.
Nik Storonsky, founder and Chief Executive Officer (CEO) of Revolut, said in a statement on Tuesday (24 March 2020), “As the cost of living increases disproportionately to people’s take-home salaries, now more than ever, people need to know exactly what is coming in and out of their account. They should have the tools to help them manage their money more conveniently and accurately.”
As Revolut was founded in 2015, it was on a quest to create a financial super app that would act as a central hub for the financial management of customers. With more than USD 800 million raised in funding rounds, the start-up now has 2,000 staff in Silicon Valley and Manhattan.
“When spending or transferring money overseas, most people are unaware of the hidden fees that banks is charging them. The world is becoming more connected, and financial services should be supporting this notion, not hindering it,” Storonsky added.
Using the app for iOS or Android, people in the US can easily open a Revolut account from their smartphones as of today. Users will have to upload documents here, enter their details, and wait for verification, which normally takes a few minutes. As soon as the approval is received, the customer can start with immediate functions like making payments and deposits via the app.
Deposits in the US are backed up to USD 250,000 by the Federal Deposit Insurance Corporation (FDIC) through a partnership with Metropolitan Commercial Bank.
Users who make direct deposits in the US will get their paycheck 48 hours before their employers pay it.
Whenever money gets deducted from their accounts, consumers are informed immediately and they do exactly know how much money is in their account and where is it going. Users should set up categories of spending and payment that align with their lifestyle and build a budget to manage their finances.
Additionally, Revolut customers can make free real-time payments, share a bill with friends, and round-up expenses quickly to save the spare change.
Across 28 currencies, money can be invested, saved, and transferred globally at the interbank exchange rate, and consumers can take money out of the 55,000-plus ATMs in the US and around the world.
Also, customers can freeze their cards and shut off payment features, such as tap-and-go swipe or online payments. Revolut also has a virtual token that can be disposed of. All Revolut cards are fully contactless, with Apple Pay and Google Pay support.
The Fintech alternative to legacy financial institutions is digital banks—which are also known as challenger banks.
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