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Revolut Arrives in the U.S.A.

Revolut Arrives in the U.S.A.
Photo by Joël Super from Pexels

Revolut, the London-based fintech and alternative bank that reached unicorn status in 2018, has finally made its move to America.

The financial services company has racked up more than 10 million customers in the U.K. and Europe since its launch in 2015. Now an option for banking customers in the United States, Revolut enables users to send free, real-time payments, and make fund transfers and exchanges at the interbank rate in 28 currencies. Customers can also use the app to manage their financial lives more efficiently with instant spending alerts, budget categorization tools, bill-splitting, round-up savings on transactions, and card controls. Those who select direct deposit can get their wages up to 48 hours in advance of their regular pay date.

“America, we come bearing good news in these uncertain times,” the company’s Head of Marketing and Communications Chad West announced on the Revolut blog this morning. “Imagine, one app to manage your entire financial life.”

The Revolut app is available for both iOS and Android. Once the user downloads the app and enters their information, the verification and approval process takes only a few minutes after which the new customer can begin making deposits and sending money.

Deposits in the U.S. are FDIC-insured up to $250,000 (thanks to a partnership with Metropolitan Commercial Bank). Revolut customers have access to more than 55,000+ ATMs in the U.S. and around the world.

“When spending or transferring money overseas, most people are unaware of the hidden fees that banks are charging them,” Revolut founder and CEO Nik Storonsky said. “The world is becoming more connected, and financial services should be supporting this notion, not hindering it.”

Last month Revolut announced a $500 million fundraising that boosted the company’s total capital to $836 million and gave the firm a valuation of $5.5 billion. Revolut recently unveiled its digital money management accounts for children (and their parents), Revolut Junior. The company, which was an early pioneer in cryptocurrency holdings, also introduced a new service this month that will enable its customers on its Premium and Metal plans to make in-app purchases of gold.