- Other start-ups, such as Monzo and Germany’s N26, offer similar products, but Revolut says it is distinctive in offering interbank exchange rates, zero-fee international money transfers, and in allowing customers to hold and exchange up to 16 different currencies in their app-based accounts.
- Revolut was set up in July 2015 by Russian-born Nikolay Storonsky, who first moved to London in 2007 to work for Lehman Bros as a derivatives trader and later also worked for Credit Suisse.
- But Storonsky, whose firm has a UK e-money license, said if that happens it would only take a few months to get such a license for the rest of the EU.
- Revolut also announced that it is adding digital currency bitcoin to its app in response to high demand from customers.
- Revolut, whose license does not allow it to invest clients’ money, gets revenue from commissions paid by merchants, from users who change more than 5000 euros ($5,736) per month and from add-ons such as insurance, which is provided by third parties through the app.
@SaeedBaygi: “UK Fintech Start-Up Revolut Raises $66 Million, Adds Bitcoin — New York Times #FinTech” open tweet »