Revolut, the London-based digital-only bank, announced the public launch of its financial app in the United States. U.S. customers could now register for an account and sign up for a payment card. Deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000.
Founded in 2015 and valued at $5.5 billion, Revolut offers customers a debit card and a bank account controlled solely through its app; no brick-and-mortar branches being all the more timely during the coronavirus pandemic. The challenger bank now has more than 10 million customers, primarily in the U.K. and Europe. As well as banking services, it offers features such as a fiat currency exchange, insurance brokerage and equity trading platform.
While the European version of the app allows users to invest in stocks, trade cryptocurrencies, and buy insurance, the US edition will launch with limited capabilities, instead planning to roll out such features when they are available.
American Revolut users will be able to receive their salary two days in advance if they share their Revolut bank details with their employer, an ability that has yet to be launched in Europe. As well as this, the US version still offers the expense management, payment alerts, and currency exchange features that are in the European app.
“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. When spending or transferring money overseas, most people are unaware of the hidden fees that banks are charging them. The world is becoming more connected, and financial services should be supporting this notion, not hindering it.”
– Revolut Founder and CEO Nik Storonsky