Revolut intends to roll-out additional features and services in the near future, including cryptocurrencies, commission-free stock trading and savings products
Revolut, the fast growing fintech with more than 10 million customers in the UK and Europe, has launched its Financial Super App and debit card in the United States. Since hinting at a launch last year, Revolut has already attracted tens of thousands of U.S. customers.
Revolut launched in 2015 with a vision to build a Financial Super App – a single app where consumers can manage all aspects of their financial life. In just four years, the company has attracted more than 10 million customers, raised over $800 million in funding – and now employs more than 2,000 people globally, including in New York and San Francisco.
Starting, U.S. consumers can set up a Revolut account in minutes from their smartphone. Once they have downloaded the app for iOS or Android, customers simply need to enter their personal information and upload their identification documents, and their account should then be verified within a matter of minutes.
Once a customer has been approved, they will instantly receive their new account details, which can then be used to make payments and deposit a salary. U.S. customer deposits are FDIC insured up to $250,000, through a partnership with Metropolitan Commercial Bank. U.S. customers are also able to get their salary up to two days in advance via direct deposit.
In an effort to give customers more visibility and control over their money, Revolut customers receive instant spending notifications, can see exactly how much money they are spending on things like restaurants, groceries and transportation, and can set up monthly spending budgets for individual categories.
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“As the cost of living increases disproportionately to people’s take home salaries, now more than ever, people need to know exactly what is coming in and out of their account. They should have the tools to help them manage their money more conveniently and accurately,” said Nik Storonsky, Founder & CEO of Revolut.
Additionally, Revolut customers can instantly send and request money to each other for free, split the bill at the tap of a button, and round-up every card purchase to the nearest dollar and stash away their spare change.
“It has been exciting to experience Revolut’s growth and scale to new markets,” said Sherri Haymond, Executive Vice President, Digital Partnerships at Mastercard. “We’re thrilled to build upon our relationship with Revolut. With the launch of Revolut’s Mastercard debit card in the US, we can continue to co-innovate to deliver truly differentiated financial services to consumers.”
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