Revolut: Revolutionizing How Young People Handle Money

  • Feb. 2nd 2020
  • |
  • BankApply
Revolut: Revolutionizing How Young People Handle Money

One of the youngest financial institutions making waves amount bank accounts in Europe is Revolut. Working from the Canary Wharf technology accelerator, Level39 in London, Russian-born Nikolay Storonsky and Ukrainian national Vlad Yatsenko developed the free banking app in 2015. In less than 5 years the company had raked in 10 million users to their prepaid debit card, fee-free currency exchange, commission-free stock trading, cryptocurrency exchange, and peer-to-peer payment services.

Global Money for Global People

Customers can withdraw money from ATMs in 120 currencies and use the app to send money in 29 currencies. A free account comes with a UK current and a euro IBAN accounts and no fees to exchange up to £5,000 or withdraw up to £200 in a month. The app also supports the exchange of fiat currencies for cryptocurrencies like:

  • Bitcoin
  • Ethereum
  • Litecoin
  • Bitcoin Cash
  • XRP

A FinTech Unicorn

Although not gaining official bank licensing until December 2018, Revolut was developed as a solution for the tech generation. Frustrated with traditional banking institutions' slow integration of online and app services, Yatsenko and Storonsky wanted to create a service for young people to handle their money exclusively from their smartphones. By 2019, the private tech start-up had attained "unicorn" status with a valuation of over $1 billion and was well on its way to a $5-$10 billion valuation by the end of the year.

Billed as a flexible solution, Revolut adapts to users' needs whether that is for consumer or business use. Recurring bill pay is already available in Euros and savings goals can be set up and managed through the Vault tool. Premium accounts include travel insurance while Metal account-holders can get a discount on their device insurance.

If Revolut sounds like a good banking option for you, find out now by registering with BankApply for your bank account opening in Europe. BankApply matches you with the right services and then completes the enrollment applications on your behalf.

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