Revolut is a digital banking alternative for instant payment notifications: free international money transfers and global fee-free spending.
Revolut Ltd is a UK financial technology company that offers banking services including a pre-paid debit card (Mastercard or Visa), currency exchange, cryptocurrency exchange and peer-to-peer payments. The Revolut mobile app supports spending and ATM withdrawals in 120 currencies and sending in 29 currencies directly from the app. It also provides customers access to cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), and XRP by exchanging to or from 25 fiat currencies; however, cryptocurrencies remain locked in the app and cannot be moved to another cryptocurrency wallet.
Revolut currently charges no fees for the majority of its services (but for a capped usage), and uses interbank exchange rates for its currency exchange on weekdays, and charge a markup from 0.5% to 1.5% on weekends.
UK fintech Revolut seeks regulatory approval to operate as a full digital bank in Peru, aiming to serve nearly 1 million remittance recipients with multi-currency solutions.
Revolut completed a major secondary share sale at a $75 billion valuation, backed by top-tier investors including NVIDIA’s venture arm, as it expands globally.
Revolut’s profits doubled in the past fiscal year, and this growth has been linked to some changes in 2024.