What is Revolut? Revolut Review

Revolut is an online payment service provider that helps users transfer funds through the App at any time when traveling without charging users any fees. It is reported that Revolut has received US$250 million in Series C financing, with a valuation of US$1.7 billion.

About Revolut

Revolut was founded by a group of young people in the UK who were unhappy with the high fees and exchange rate differences charged by banks every time they exchanged currency abroad. The core idea of ​​the startup is simple:

Through mobile phone software and physical cards, you can easily, quickly and conveniently exchange currencies at the current exchange rate, and there is no transaction fee!

As long as you have the Revolut mobile app and its VISA card, you can:

1. Cardholders can directly withdraw cash at ATMs around the world at the real-time exchange rate without cross-border withdrawal fees. No more having to exchange money at local banks and being charged fees.

2. When shopping in cooperating countries, the mobile APP will immediately notify you of the amount of currency exchange deductions. You can control your spending at any time without having to keep a record and avoid overspending!

3. When shopping online/booking air tickets or train tickets, you can pay directly in local currency and say goodbye to high exchange rate differences at banks!

Revolut uses countries and regions

28 EU countries (including the UK, which is about to leave the EU), Liechtenstein, Iceland, Norway, Switzerland, Australia, and Hong Kong, China. In the above countries/regions, you do not have to be a national, as long as you have legal residency, such as holding a student visa, work visa, etc. Apply now and you can continue to use it after the visa expires in the future.

Revolut Features

Revolut global use

In fact, Revolut is a global network VISA debit card deposit account. It can do everything that a daily bank account can do, such as online shopping, deposits, transfers, and collections. Revolut can only be used on mobile phones, but if you want to use ATM withdrawal services, you must use a physical card. Recently, if you apply for a Revolut account in Ireland, you will get a 10 euro consumption discount. If you invite a friend to apply, you can get another 10 euro reward.

There are only a few regions in the world that do not support VISA, which means that Revolut is an international deposit account. With Revolut, you can withdraw money from ATMs around the world.

Instant recharge and instant use

You don't need to deposit a lot of money in Revolut. When you need it, you can just top up from the bound debit or credit card account. It is similar to Alipay and the money will be transferred to your account immediately. For example, if you want to use your Revolut card to purchase goods that exceed your account balance, you can just top up on the mobile app.

Manage multiple currencies simultaneously

Revolut allows you to open accounts in multiple currencies at the same time. You can manage the commonly used currencies such as USD, EUR, GBP, JPY, HKD, etc. with one mobile app. The conversion between currencies uses the bank's exchange rate, and there is no additional handling fee. When the exchange rate is good, you can save more foreign currency. When traveling, you can directly withdraw money or swipe your card overseas, which is more economical and labor-saving than exchanging currency locally. You can also see the real-time exchange rate and arrival notification on the mobile phone.

Free international remittance

Cross-border remittances are often charged a remittance service fee by the banks of both countries. With Revolut as an intermediary, the fee can be greatly reduced or even zero! In general, the benefit of using Revolut is that you can carry less cash when traveling around the world, and you can also save a lot of fees when funds flow between different countries!

Revolut Product Categories

Standard Free: £200 free cash withdrawal per month

Premium monthly fee of £6.99: £400 free cash withdrawal per month, travel insurance and overseas medical insurance, and the ability to buy and sell five types of electronic currencies including Bitcoin

METAl monthly fee £12.99: Metal card, £600 free cash withdrawal limit per month, 0.1% spending rebate in addition to Premium benefits (1% outside Europe)

Financing History

2020-02-24, D round of financing of US$500 million, investor: TCV

2018-04-26, C round financing of US$250 million, investors: Index Ventures, Ribbit CAPIta, lDST Global Solutions

2017-07-13, Series B financing of US$66 million, investors: Index Ventures, Balderton Capital, Ribbit Capital

2016-07-12, Series A financing of US$10 million, investors: Index Ventures, Balderton Capital, Ribbit Capital, Point Nine Capital, Seedcamp

2015-07-21, seed round financing of US$2.3 million, investor: Balderton Capital