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.
The fintech company is looking to create more awareness for digital banking among US citizens. Revolut US CEO Ron Oliveira also said slashing fees would empower its US customers to attain financial freedom.
Revolut has a lot to gain from the stock trading offering in the United States, as more people are getting increased education to commit their funds to work for them as traditional investment options are no longer attractive.
