Sites Like Revolut

In today’s article, we’ll be guiding you through sites like Revolut. There are numerous sites like Revolut in the internet today, but before then we’ll tell you Revolut.

Revolt is a British financial technology company that provides banking services. Nikolay Storonsky and Vlad Yatsenko created it in 2015, with its main office in London. It provides accounts with services including commission-free stock trading, cryptocurrency, commodities, debit cards, virtual cards, Apple Pay, interest-bearing “vaults,” etc.

From 1500 employees, Revolut now has close to 5000 staff, and it has expanded into other areas, including Japan. It was profitable and valued at £4.2 billion by November 2020. This made it the most valuable fintech company in the UK. In January 2021, it made a request for a banking license in the UK. The company received a $800 million financing round in July 2021, increasing its worth $33 billion. This also made it the most valuable UK digital startup at the moment.

History

The Revolt was established on 1 July 2015 by Vlad Yatsenko and Nikolay Storonsky, both from Russia and Ukraine. The business’s first location was Level39, a financial technology incubator in London’s Canary Wharf.

Revolut secured $250 million in Series C investment on April 26, 2018. It was a unicorn with a post-funding valuation of $1.7 billion. Yuri Milner, whose prior ventures were supported by the Kremlin, formed DST Global.

With the help of the Bank of Lithuania, sites like Revolut was able to get a Challenger bank license from the European Central Bank in December 2018. This license allows it to take deposits and extend consumer credit, but not investment services. The Bank of England also issued a license for an electronic money institution at the same time.

In March 2019, Revoult and Dax were merged, the same year the Chief Financial Officer Peter O’Higgins left the firm. TechChrunch reported that he left due to the claims of compliance violations. However, Revoult denied that he never left because of these reasons.

Services

Sites like Revolut provides a range of financial services, such as debit cards, fee-free currency exchange, peer-to-peer payments, stock trading, and bank accounts in the UK and Europe. The mobile app for sites like Revolut allows for transfers in 29 currencies as well as purchases and ATM withdrawals in 120 currencies. A 0.5% to 2% surcharge is added to payments made on the weekends to safeguard them against currency fluctuations.

By swapping with 25 fiat currencies, it also gives users access to cryptocurrencies like Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and XRP.

There is a 1.5% charge for both purchasing and selling. Within Revolut, cryptocurrency can only be converted back to cash; it cannot be deposited or spent. Furthermore, sites like Revolut has accounts with Metropolitan Commercial Bank of New York, which forbids the transfer of Fiat currency to or cryptocurrency exchanges.