Launching and announcing the closing of £1.5 million in capital is Revolut. With a mission to replace banks, Revolut is an app-based mobile banking and payment transfer provider. Like other mobile and online banks, Revolut provides users with a digital account that is connected to a physical pre-paid card. The result is that customers can use Revolut to handle their banking needs, such as for deposits and bill payments, as well as being able to use the mobile app or credit card for in-store purchases and ATM withdrawals.
In addition to banking, Revolut is also integrating payment features. In this regard, the firm is creating a platform for low fee cross-currency transfers as well as sending mobile payments through SMS, WhatsApp or email. Overall, Revolut joins a group of startups and larger financial firms such as SafeCharge’s Pay.com that are creating mobile-based accounts that are connected with pre-paid cards.
Assisting to fund their development, Revolut’s current £1.5 million round was led by Balderton Capital and also included participation from SeedCamp. With the funding, Revolut joins one of the UK’s most notable fintech i portfolios, with Balderton Capital also having invested in CrowdCube, Nutmeg and Zopa.
Upon launching their app, Revolut is planning on marketing their product to several different target markets. They include the remittance sector and travelers.
In regards to their launch, Nikolay Storonsky, CEO, of Revolut stated, “Revolut has an ambition to change the way money is transacted, sent and spent around the world. We are proud and delighted to introduce the world’s best–‐value digital global currency exchange service. The app and card are intuitive to use, free for all and offer customers the peace of mind that, with Revolut, you can use your money across borders at unbeatable value.”