If it won’t be enough, unfortunately we would need to go for the other steps, which we’ll try to avoid. The new funding round was led by US-based growth capital firm TCV, with a number of existing investors also participating. The additional benefit here is that the physical card is a metallic card, instead of a standard plastic card. [34][35][36] The Daily Telegraph reported that Revolut suspended an account containing £90,000 for more than two months[37] and that another customer travelled 500 miles from Auvergne in France to Revolut's London offices in an unsuccessful attempt to recover £15,000 in an account that Revolut had similarly frozen without any justification being given. It is on a mission to build a fair and frictionless platform to use and manage money around the world. In an interview with Financial News, Nikolay Storonsky, founder and chief executive of Revolut, said the firm needs to hit a valuation of $20bn-$40bn before a stock market float. According to Crunchbase, Revolut has raised over $836 million in 14 rounds of funding. VIDEO 3:39 03:39 Revolut … In its latest funding round (Series D), Revolut was able to $500 million at a $5.5 billion valuation. The positive impact of SSS can be achieved only when we work together.”, Moscow Institute of Physics and Technology, "Revolut launches current accounts and a chatbot", "Kremlin Cash Behind Billionaire's Twitter and Facebook Investments", "Revolut granted specialised bank and electronic money institution licences", "Lithuania licence lets Revolut launch banking products", "Revolut CFO resigns following money laundering controversy", "Should you trade stocks for free with Revolut? More Less ... You should note that share price history is based on information that is provided to us periodically by the relevant businesses and may not be up to date or accurate. It was founded in 2015 by Nikolay Storonsky and Vlad Yatsenko. It includes a pre-paid debit card, currency exchange, and peer-to-peer payments. Duis aute irure dolor in reprehenderit in voluptate veli, ate velit esse cillum dolore eu fugiat nulla pariatur. [32], Revolut, in common with traditional financial institutions, uses algorithms to identify money laundering, fraud and other criminal activity, but unlike the rest of the banking industry, Revolut's algorithms additionally trigger an automated suspension of accounts. [31], If a payment is made at weekends, Revolut adds an extra 0.5% to 2% fees so as to protect against exchange rate fluctuations. Revolut, the global financial platform with over 10 million customers worldwide, has today raised an additional $500 million in Series D funding, taking the total amount raised by the company to $836 million.. [26] Alongside Vlad Yatsenko, former Credit Suisse and Deutsche Bank developer, Storonsky set up Revolut and raised around $3.5 million,[27] saying in an interview with Forbes: .mw-parser-output .templatequote{overflow:hidden;margin:1em 0;padding:0 40px}.mw-parser-output .templatequote .templatequotecite{line-height:1.5em;text-align:left;padding-left:1.6em;margin-top:0}, I thought of the business three years ago. Revolut Ltd is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011, Firm Reference 900562. ", "What foreign exchange rate will I get? [5] DST Global was founded by Yuri Milner, who has been backed by the Kremlin in his previous investments. The Company offers money transfers, vaults, budgeting, cryptocurrency, mobile phone, and medical insurance. GBP; Revenue (FY, 2018) 58.2m: Revenue growth (FY, 2017 - FY, 2018), % Simply put, Revolut was developed as a travel card providing cheap exchange rates and slowly turning into a digital bank. [39], According to Finews.com, Revolut's public internet forums contain almost 500 complaints by customers about locked accounts and a lack of response from Revolut's support team. View all funding rounds Revolut Revenue. [25] He completed a separate masters in economics at New Economic School in Moscow. In Support we’ve gathered only 44 submitions [sic] (out of 495 employees) which is a very small number. Revolut explains that "the system is programmed to temporarily lock an account and place it in a queue, until one of our compliance agents can review the case". [38] In a further case reported by The Times, Revolut suspended and subsequently closed a business account containing €300,000 belonging to Priorité Energie, which "helps low-income families in Paris to insulate their homes under a government initiative", preventing the company from paying its staff. [6], In December 2018, Revolut secured a Challenger bank licence from European Central Bank, facilitated by the Bank of Lithuania, authorising it to accept deposits and offer consumer credits, but not to provide investment services. Amid the mania, one of the fastest-growing startups is Revolut, a London-based neobank that has raised $344 million and may rake in even more this year. In October 2017 CEO Nikolay Storonsky raised $71 million at a valuation of $350 million. Join more than 12 million Revolut customers worldwide. Digital bank takes £113m from investors led by Y Combinator, jumping rival Revolut in value Tom Blomfield, chief executive and co-founder of Monzo says it … ", "Revolut's clumsy automated bank compliance results in frozen accounts and lack of customer service", "Revolut customers locked out of accounts 'for weeks, "Monzo and Revolut: customer complaints are mounting at digital banks", "Revolut could face lawsuit from customers locked out of their accounts", "Ex-UCL lecturer forced to travel to London from France in attempts to unblock digital bank account", "Nikolay Storonsky's Revolut freezes accounts in money-laundering bungle", "Revolut insiders reveal the human cost of a fintech unicorn's wild rise", "Digital banks Monzo, Revolut, Starling and N26 compared", "Revolut staff claim they've been told to quit their jobs or be fired", Commercial and retail banks in the United Kingdom, https://en.wikipedia.org/w/index.php?title=Revolut&oldid=1002050052, Financial services companies of the United Kingdom, Articles with unsourced statements from October 2020, Creative Commons Attribution-ShareAlike License, This page was last edited on 22 January 2021, at 16:20. According to Sky News reports last year, Revolut had been looking for new funding at a valuation of between $7bn and $8bn. So the success of SSS depends on all of us. [33], It is increasingly reported that Revolut's algorithms suspend a growing number of accounts in error for weeks or months at a time because Revolut does not have sufficient compliance agents to review the automated suspensions, and that while Revolut pays no interest on the large suspended balances, Revolut can earn interest on the funds in wholesale money markets. As someone with a financial background I knew exactly the rates I should be getting. Leading UK based digital bank Revolut has closed on a $500 million series D funding according to a note from the company. Find out all the key statistics for PayPal Holdings, Inc. (PYPL), including valuation measures, fiscal year financial statistics, trading record, share statistics and more. Developer of a foreign exchange and money transferring application platform intended to help customers improve their financial health, empower them to have more control, and promote financial cohesion across the communities in which they operate. Get the full list », You’re viewing 5 of 36 investors. In 2015, Revolut launched in the UK offering money transfer and exchange. [16], In November 2020, Revolut became profitable. Politics. TCV was an early backer of companies including Airbnb, Netflix and Spotify. Revolut launched in July 2015 as a digital alternative to traditional banks. Revolut General Information Description. Your whole financial life at your fingertips. Revolut’s valuation has soared to $1.7 billion since the London-based payment app launched a service for crypto trading, making it one of the few bank-like companies to … Developer of a foreign exchange and money transferring application platform intended to help customers improve their fin, is nisi ut aliquip ex ea commodo consequat. Excepteur sint occaecat cupidatat non proiden, To view Revolut’s complete valuation and funding history, request access », To view Revolut’s complete cap table history, request access », You’re viewing 5 of 59 competitors. [4], On 26 April 2018, Revolut announced that it had raised a further $250 million in a funding round led by Hong Kong-based DST Global, reaching a total valuation of $1.8 billion and thus becoming a unicorn. Revolut denied the allegation and told the BBC this was "the first time Revolut has been made aware of any such complaint, which appears to have been made by a … Mobile bank Revolut Ltd. has secured $80 million in new funding at a $5.5 billion valuation as part of its Series D round that kicked off five months ago. The company's platform helps to compare live exchange rates for multiple currencies, makes transfers directly to other bank accounts, helps its users track and optimize monthly expenses, and also helps for the buying and selling of cryptocurrencies, enabling customers to send, spend and exchange money instantly across a secured environment. PitchBook’s non-financial metrics help you gauge a company’s traction and growth using web presence and social reach. Revolut Valuation, Funding, Revenue & Investors. A brief history of Bitcoin bubbles. Revolut's latest valuation is reported to be $5.5 b. The first is simply called Premium and it costs €7.99/£6.99 per month. [14], In February 2020, Revolut completed a funding round that more than tripled its value, valuing the company at £4.2 billion and becoming the United Kingdom's most valuable financial technology startup. I was travelling a lot and wasting hundreds of pounds on foreign transaction fees and exchange rate commissions which just didn’t feel right. | Revolut Help Centre", "Why has my account been locked and how to regain access? Developer of a mobile banking application designed to offer banking service. [27], His father Nikolay Mironovich Storonsky[28] is Deputy General Director of Science for Gazprom Promgaz since 2017, and First Deputy General Director for Science Gazprom Promgaz OAO. Revolut was founded on 1 July 2015 by Nikolay Storonsky and Vlad Yatsenko. Out of all the cryptocurrency companies out there, Revolut, based in the UK, has come out on top. [7][8], In March 2019, the company's chief financial officer Peter Higgins resigned. ", "Revolut bolsters senior team with banking executives", "New deal with Visa will see Revolut hire thousands, expand into 24 markets", "Digital bank Revolut becomes UK's most valuable fintech startup", "Revolut launches its financial app in Japan", "Revolut, Europe's $5.5 billion digital bank, quietly broke even in November", "Revolut Applies for U.K. Banking License", "Challenger bank Revolut bids to take on high street", "UK fintech unicorn Revolut forced to deny links to Russia", "Revolut pushes ministers for fast-track tech visas", "Revolut boss Nikolay Storonsky: 'I've never seen a big bank do something cool – if they did, we wouldn't exist, "Revolut's Nikolay Storonsky on long hours and high staff turnover", "Our culture is 'about getting s**t done': The Revolut founder on why his people work 12-13 hours a day", "London Fintech Entrepreneur Talking About A Revolution", "LRT: отец главы Revolut Сторонского работает в "Газпроме, "Revolut Raises $2.3 Million For Its Mobile Foreign Exchange Service", "Banking App for Travelers – Revolut Converts Currencies Minus the Fees! For more than a decade before the outbreak of the American Revolution in 1775, tensions had been building between colonists and the British authorities. But this was small change compared to where Revolut was heading. Finance. This found evidence of unpaid work, high staff turnover and employees being ordered to work weekends to meet performance indicators. Revolut is the digital banking alternative designed for your global lifestyle. [13], In October 2019, the company announced a global deal with Visa, following which it would expand into 24 new markets and hire around 3,500 additional staff. [citation needed], In March 2019, Wired published an exposé of the company's employment practices and work culture. Founded by Nik Storonsky and Vlad Yatsenko in 2015 in the UK. [30] Revolut's mobile app supports spending and ATM withdrawals in 120 currencies and sending in 29 currencies directly from the app. [29], Revolut offers banking services including GBP and EUR bank accounts, debit cards, fee-free currency exchange, stock trading, cryptocurrency exchange and peer-to-peer payments. Stimulus check update: $600 checks will hit some bank accounts Tuesday night, says the Treasury. Open an account from your phone in minutes, without a credit check. Developer of a foreign exchange and money transferring application platform intended to help customers improve their financial health, empower them to have more control, and promote financial cohesion across the communities in which they operate. © 2021 PitchBook Data. Monzo General Information Description. Revolut was founded on 1 July 2015[1] by Nikolay Storonsky and Vlad Yatsenko. [10], In July 2019, Revolut launched commission-free stock trading in New York Stock Exchange and NASDAQ, initially for customers in its Metal plan. Open a multi-currency account in minutes. Personalize which data points you want to see and create visualizations instantly. Recently, Revolut raised an additional $500 million at a $5.5 billion valuation. The absolute rule of the monarch had ceased, and feudalism had been destroyed. Get the full list », You’re viewing 5 of 18 executive team members. Get the full list », You’re viewing 5 of 11 board members. Digital bank N26 has eclipsed Revolut’s meteoric $1.7 billion valuation with its own $300 million fundraise today that slaps a $2.7 billion price tag on the German bank. [11] This was subsequently made available to all users. The company was originally based in Level39, a financial technology incubator in Canary Wharf, London. The French and Indian War, or Seven Years’ War (1756-1763), brought new territories under the power of the crown, but the expensive conflict lead to new and unpopular taxes. Customers whose accounts are suspended are blocked from contacting Revolut's usual support channel and instead receive automated responses from a chatbot. Revolut top-up methods. Revolut Ltd is a company registered in England and Wales (No. ... Valuation share price history. [18][19], Nikolay Storonsky is the founder and CEO of Revolut. With the end of the ancien regime, the new bourgeois gained political power at the expense of the aristocracy and Church. [40] Finews also reported that Revolut asked a customer to provide to Revolut her tax statement and subsequently tax statements of people who had sent her small amounts of money, and that when she failed to provide the tax statements of those third parties, Revolut blocked her account without giving due notice. [43] According to Wired, in a message sent to the 495-strong customer support team on Slack shortly after the salary sacrifice scheme was announced, head of support Inna Grynova urged them to participate: “So far, almost 20 per cent of our employees globally have submitted their sacrifices. In June 2020, Wired published a further exposé of Revolut's dismissal of employees during the COVID-19 pandemic, in which employees, particularly in Kraków, were given the choice of being terminated for underperformance or a mutual agreement to leave the company voluntarily, in order to reduce the headline number of 62 redundancies announced by Revolut. Christian Clausen, former chief executive of Nordea, and Nikolay Storonsky, co-founder and chief executive of fintech start-up Revolut, also invested in the company. Just add a $20 deposit to get started and order your free card to spend at home or abroad in 150+ currencies. But how did it start? The valuation of Revolut, an international payments startup, is set to quintuple in less than a year due to a new fundraising round, according to people familiar with the matter. At the same time, an Electronic Money Institution licence was also issued by the Bank of Lithuania. Revolut's revenue was reported to be £58.24 m in FY, 2018 which is a 353.9% increase from the previous period. [20][21][22][23][24] He studied for a master's degree in physics at Moscow Institute of Physics and Technology, and during this time became a state champion swimmer. It also provides customers access to cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and XRP by exchanging with 25 fiat currencies. Sss as an alternative to the need of employees redundancy and other cost.! Money Regulations 2011, Firm Reference 900562 s comparison feature gives you a side-by-side look key. Work culture round ( Series D ), Revolut raised an additional $ 500 million at a valuation of 350! 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