Revolut

Revolut Group Holdings 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
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 £438 million (2023)[1]
Increase £344 million (2023)[1]
Total assetsIncrease £17.4 billion (2023)[1]
Number of employees
8,152[1] (2023)
Websiterevolut.com

Revolut Group Holdings Ltd (Revolut) is a global neobank and financial technology company with headquarters in London, UK that offers banking services for retail customers and businesses.[2] 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.[2]

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.[3][4]

In November 2020 Revolut was breaking even and, with a £4.2 billion valuation, became the UK's most valuable fintech company. A US$800 million funding round in July 2021 brought the company's valuation to US$33 billion, being followed by a secondary share sale at a US$45 billion valuation in 2024 making it the most valuable UK tech startup at the time. In 2023, customer deposits at Revolut reached £15.1 Billion.[5][6][7][8][9][10]

As of June 2024, Revolut more than doubled its headcount in two years, employing over 8,000 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 was granted a UK banking licence, though with restrictions via the standard "mobilisation" stage, on 25 July 2024 after a three-year wait.[13]

Revolut holds the record in UK of customer complaints among financial institutions.[14][15][16]

  1. ^ a b c d e "2023 Annual Report" (PDF). Revolut Group Holding Ltd. 2 July 2024. Retrieved 9 August 2024.
  2. ^ a b "Revolut to offer "secret sauce" HRtech to "select" companies in new B2B offering". Tech.eu. 2023-11-16. Retrieved 2024-02-21.
  3. ^ AltFi (2022-03-25). "Revolut launches as a bank in Ireland". AltFi. Retrieved 2024-02-21.
  4. ^ AltFi (2022-01-12). "Revolut launches as a bank in 10 more European countries". AltFi. Retrieved 2024-02-21.
  5. ^ Makortoff, Kalyeena (22 December 2023). "Fintech firm Revolut hit by £25m loss after rise in staff wages". The Guardian.
  6. ^ PYMNTS (2024-08-18). "UK Treasury Wants Revolut to Go Public on London Exchange". PYMNTS.com. Retrieved 2024-10-18.
  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. ^ "2023 Annual Report" (PDF). 2023 Annual Report.
  11. ^ "2023 Annual Report(Page 20)" (PDF). Annual Report 2023.
  12. ^ PYMNTS (2021-12-21). "Revolut Bank Granted Full EU Banking License Amid Criticisms of Unfair Competition". PYMNTS.com. Retrieved 2024-02-29.
  13. ^ Makortoff, Kalyeena (2024-07-25). "Revolut finally receives UK banking licence after three-year wait". The Guardian. ISSN 0261-3077. Retrieved 2024-07-29.
  14. ^ ‘I lost £165k to fraud in an hour’ - customers say they were let down by Revolut
  15. ^ https://www.manchestereveningnews.co.uk/news/uk-news/revolutnamed-more-fraud-complaints-any-30139808
  16. ^ Revolut named in more fraud complaints than any major UK bank, report finds