Revolut

Revolut Ltd.
Company typePrivate
IndustryFinancial technology
Founded1 July 2015; 9 years ago (2015-07-01)
Founders
HeadquartersLondon, England, UK
Area served
UK, EEA, Switzerland, Australia, NZ, Japan, Singapore, US, Brazil
Key people
Nikolay Storonsky (CEO), Vlad Yatsenko (CTO)
Productscurrent accounts, debit cards, stock trading, personal loan, foreign exchange, insurance, BNPL, Business account
ServicesPeer-to-peer payments, currency exchange
RevenueIncrease £1.8 billion (2023)[1]
Increase£344 million (2023)[1]
Number of employees
7,500[2] (2023)
Websiterevolut.com

Revolut is a global neobank and financial technology company with headquarters in London, UK that offers banking services for retail customers and businesses.[3] It was founded in 2015 by Nikolay Storonsky and Vlad Yatsenko. It offers products including banking services, currency exchange, debit and credit cards, virtual cards, Apple Pay, interest-bearing "vaults", personal loans and BNPL (where it has a banking licence), stock trading, crypto, commodities, human resources and other services.[3]

The European Central Bank granted the company a full banking licence in December 2021, and Revolut, with its banking services, is available in 30 countries.[4][5]

In November 2020 Revolut was breaking even and, with a £4.2 billion valuation, became the UK's most valuable fintech company.[6] A US$800 million funding round in July 2021 brought the company's valuation to US$33 billion, making it the most valuable UK tech startup at the time.[7][8][9] In 2022, customer deposits at Revolut reached £12.6 billion ($15.5 billion).[10]

As of December 2023, Revolut more than doubled its headcount in two years, employing over 7,500 people in more than 25 countries.[11]

Revolut Bank UAB, the firm's European Economic Area subsidiary, is licensed and regulated by the European Central Bank within the European Union, and depositors' money is protected through deposit insurance, insured by the Lithuanian State Company Deposit and Investment Insurance.[12] Revolut does not have a UK banking licence, and unlike banks it is not required to, and does not, reimburse victims of authorized push payment fraud in that country,[13]

  1. ^ a b Revolut’s revenues surpass $2.2bn, with record profits of $545m in 2023
  2. ^ Faridi, Omar (October 30, 2023). "Digital Bank Revolut Headcount Reaches 7500+ Workers, with Expansion into Brazil, India, Other Markets". crowdfundinsider.com. Retrieved 2024-07-17.
  3. ^ a b "Revolut to offer "secret sauce" HRtech to "select" companies in new B2B offering". Tech.eu. 2023-11-16. Retrieved 2024-02-21.
  4. ^ AltFi (2022-03-25). "Revolut launches as a bank in Ireland". AltFi. Retrieved 2024-02-21.
  5. ^ AltFi (2022-01-12). "Revolut launches as a bank in 10 more European countries". AltFi. Retrieved 2024-02-21.
  6. ^ Makortoff, Kalyeena (22 December 2023). "Fintech firm Revolut hit by £25m loss after rise in staff wages". The Guardian.
  7. ^ Megaw, Nicholas (15 Jul 2021). "Revolut valued at $33bn after $800m fundraising". Financial Times. Archived from the original on 18 July 2021. Retrieved 15 Jul 2021.
  8. ^ "Revolut becomes most valuable UK start-up after £24bn valuation". BBC News. 2021-07-15. Archived from the original on 2021-07-22. Retrieved 2021-07-16.
  9. ^ Metcalf, Tom; Spezzati, Stefania (15 July 2021). "Revolut Draws SoftBank Investment to Hit $33 Billion Value". Bloomberg News. Archived from the original on 26 July 2021. Retrieved 7 August 2021.
  10. ^ "2022 Annual Report" (PDF). 2022 Annual Report.
  11. ^ "As Revolut expands wildly, 40 people are applying for each job". eFinancialCareers. 2023-01-16. Retrieved 2024-02-29.
  12. ^ PYMNTS (2021-12-21). "Revolut Bank Granted Full EU Banking License Amid Criticisms of Unfair Competition". PYMNTS.com. Retrieved 2024-02-29.
  13. ^ Cite error: The named reference vahl was invoked but never defined (see the help page).