Revolut: Banking Built For Millennials

Sean Kelly


Let’s face it, if you don’t have it now then what are you waiting for?
Revolut has taken Ireland and the UK by storm the last couple of years, for those of you who are unfamiliar with the mobile-based current account let me fill you in.

Revolut is just like your normal banking app on your phone, except that it actually works. It was launched in July of 2015 by its two co-founders, Vlad Yatsenko (CTO) and Nikolay Storonsky (CEO). The pair had previously spent 10 years in the investment banking industry where they experienced first-hand the astronomical fees applied to foreign exchange
transactions. Their exposure to these fees led to the light bulb moment that in 2018 was
valued at $1.7 billion.

The mobile app offers a range of features and all for free if you stay with the standard
subscription. The customer is straight away met with the simplicity and convenience that
sets it apart from its competitors as opening an account takes only a few minutes and can
be set up directly from your phone.

Once you’re set up you can manage your money through instant payment notifications and vaults that allow for the putting away and saving of money. If your friends are on Revolut you can send and request money from them instantly or even split a bill. Spending money abroad becomes a whole lot easier as you canuse your card abroad at the interbank exchange rate and take out money from ATM’s in the local currency with no withdrawal fee (up to a certain limit).
Not to mention you can buy cryptocurrencies and do some casual checking of the exchange rates (This article is not sponsored by Revolut).

Revolut has described itself as a “World Beyond Banking”. The benefits of using Revolut are endless and its slick app design and efficient processes make it
every millennials dream.

At the start of 2018 the fintech company reached a million users, 2 and a half years after it
was first established. In April of 2018 the company raised $250 million from a funding round
that was led by DST Global, a company that was early investors in Facebook and Spotify. The
funding round also included high profile venture capital firms such as Index Ventures and
Ribbit Capital. This funding round led to Revoluts’ $1.7 billion valuation which subsequently made it at the time “Europe’s Fastest Growing Unicorn”, which is by all means a highly
impressive feat.

The company now has over 3,000,000 users (200,000 of which are in Ireland) and is supported in all countries within the European Economic Area (EEA), along with Switzerland and also Australia. It recently announced its Metal subscription plan, which is essentially its Premium plan on steroids. For a cost of €8 a month users can enjoy a premium subscription where they can avail of upgrades such as a higher limit on feeless ATM withdrawals abroad, global medical insurance and discounted device insurance. The Metal subscription allows the user to earn 1% cashback on card payments, free concierge and access to airport lounges, coming in at €14 a month. The introduction of the Metal plan is testament to the constant updates that Revolut provides its customers. It is one of many examples of the company continuously progressing. Another such example is the previously mentioned airport lounges feature. This allows Metal users to get access to over 1000 airport lounges worldwide. Users simply book a pass, present it and you’re waiting for your flight in style.

Perhaps the biggest piece of news surrounding Revolut recently is the securing of a European banking licence. With this the fintech firm plans to start accepting deposits, offering overdrafts and also personal and business loans that are comparable if not better than traditional high street lenders. This really sets the way for the company to establish itself as a fully functioning bank.

​What I find most interesting and admirable about the company is its plans for the future.
With its banking licence secured, the company has focused its efforts on progressing its
commission-free stock trading along with its plan of launching its five new international
markets. CEO Nikolay Storonsky stated that they truly are on their way to becoming the
“Amazon of banking” as he intends to have 100 million people using his platform within the
next 5 years.
For those interested I’d highly recommend following Revolut’s blog where they consistently
post news and updates surrounding their business. You can keep up to date first hand with
the developments in this ever evolving fintech and also its questionable use of emojis on
social media!


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