Revolut is a Global Money App, cutting hidden banking fees to zero. It allows you to exchange currencies at perfect interbank rates, send money through social networks and spend with a multi-currency card anywhere a Mastercard is accepted. All this is done at the touch of a button, through their mobile app. The goal is to completely remove all hidden banking costs.
How they’re disrupting
Revolut allows users with a card to shop online in any global currency, send or receive money in seconds, and crucially block their card directly from the app. The Revolut card works in Europe, the U.S, and dozens of other countries, allowing users to withraw foreign currencies without any additional fee; an attractive alternative to the use of traditional bank cards abroad.
The travel money market is huge. In the UK alone travellers spend around £38 billion abroad each year.
Investments and future
Founded in 2015, Revolut has received $4.8 million funding to date across two seperate seed rounds, the most recent of those being a $2.47m round in February 2016. The company is now close to raising $14 million in a Series A funding round. They plan to make money from marketing to consumers through the app, likely in the form of advertising.