Revolut Launches with Fresh £1.5M in Funding and Goal to Replace Banks
- Closing new funding, Revolut is publicly launching their mobile bank and payment app today to take on the banking world.
Launching and announcing the closing of £1.5 million in capital is Revolut. With a mission to replace banks, Revolut is an app-based mobile banking and payment transfer provider. Like other mobile and online banks, Revolut provides users with a digital account that is connected to a physical pre-paid card. The result is that customers can use Revolut to handle their banking needs, such as for deposits and bill Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, as well as being able to use the mobile app or credit card for in-store purchases and ATM withdrawals.
In addition to banking, Revolut is also integrating payment features. In this regard, the firm is creating a platform for low fee cross-currency transfers as well as sending mobile payments through SMS, WhatsApp or email. Overall, Revolut joins a group of startups and larger financial firms such as SafeCharge’s Pay.com that are creating mobile-based accounts that are connected with pre-paid cards.
Assisting to fund their development, Revolut’s current £1.5 million round was led by Balderton Capital and also included participation from SeedCamp. With the funding, Revolut joins one of the UK’s most notable fintech i portfolios, with Balderton Capital also having invested in CrowdCube, Nutmeg and Zopa.
Upon launching their app, Revolut is planning on marketing their product to several different target markets. They include the remittance sector and travelers.
In regards to their launch, Nikolay Storonsky, CEO, of Revolut stated, “Revolut has an ambition to change the way money is transacted, sent and spent around the world. We are proud and delighted to introduce the world’s best--‐value digital global currency Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term service. The app and card are
intuitive to use, free for all and offer customers the peace of mind that, with Revolut, you can use your money across borders at unbeatable value.”
Launching and announcing the closing of £1.5 million in capital is Revolut. With a mission to replace banks, Revolut is an app-based mobile banking and payment transfer provider. Like other mobile and online banks, Revolut provides users with a digital account that is connected to a physical pre-paid card. The result is that customers can use Revolut to handle their banking needs, such as for deposits and bill Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, as well as being able to use the mobile app or credit card for in-store purchases and ATM withdrawals.
In addition to banking, Revolut is also integrating payment features. In this regard, the firm is creating a platform for low fee cross-currency transfers as well as sending mobile payments through SMS, WhatsApp or email. Overall, Revolut joins a group of startups and larger financial firms such as SafeCharge’s Pay.com that are creating mobile-based accounts that are connected with pre-paid cards.
Assisting to fund their development, Revolut’s current £1.5 million round was led by Balderton Capital and also included participation from SeedCamp. With the funding, Revolut joins one of the UK’s most notable fintech i portfolios, with Balderton Capital also having invested in CrowdCube, Nutmeg and Zopa.
Upon launching their app, Revolut is planning on marketing their product to several different target markets. They include the remittance sector and travelers.
In regards to their launch, Nikolay Storonsky, CEO, of Revolut stated, “Revolut has an ambition to change the way money is transacted, sent and spent around the world. We are proud and delighted to introduce the world’s best--‐value digital global currency Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term service. The app and card are
intuitive to use, free for all and offer customers the peace of mind that, with Revolut, you can use your money across borders at unbeatable value.”