Challenger bank Revolut launches in the US
Revolut, the fast growing fintech with more than 10 million customers in the UK and Europe, has today launched in the United States.
Since hinting at a launch last year, Revolut has already attracted tens of thousands of U.S. customers.
Revolut launched in 2015 with a vision to build a Financial Super App – a single app where consumers can manage all aspects of their financial life. In four years, the company has attracted more than 10 million customers, raised over $800 million in funding, and now employs more than 2,000 people globally, including in New York and San Francisco.
Starting today, U.S. consumers can set up a Revolut account in minutes from their smartphone. Once they have downloaded the app for iOS or Android, customers simply need to enter their personal information and upload their identification documents, and their account should then be verified within a matter of minutes.
Once a customer has been approved, they will instantly receive their new account details, which can then be used to make payments and deposit a salary. U.S. customer deposits are FDIC insured up to $250,000, through a partnership with Metropolitan Commercial Bank. U.S. customers are also able to get their salary up to two days in advance via direct deposit.
“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”, said Nik Storonsky, Founder & CEO of Revolut.
Additionally, Revolut customers can instantly send and request money to each other for free, split the bill at the tap of a button, and round-up every card purchase to the nearest dollar and stash away their spare change.
U.S. customers can also spend and transfer money globally at the interbank exchange rate and hold and exchange 28 currencies in the app.
Storonsky continued: “When spending or transferring money overseas, most people are unaware of the hidden fees that banks are charging them. The world is becoming more connected, and financial services should be supporting this notion, not hindering it.”