European financial technology startup Revolut has now arrived in the US and is offering its app and service to American clients, according to sources familiar with the matter.
In a message the bank sent to some selected clients yesterday, it says:
“It used to be the case that if you wanted to send money to, or receive money from friends and family in the US, you would have to wait days for payments to clear. The process was slow and costly, but now that we are live across the pond, you will be able to send money between Europe and the United States (and anywhere else our Revolut friends happen to be) instantly, and for free.”
Revolut has attracted over 10 million customers in just a few years by building a financial hub that allows them to spend, send, receive, and manage money from a single app.
One of its key features is that one can convert from one currency to another based on interbank rates with no fee. Customers can hold foreign currencies in their accounts or send money to another Revolut user or a bank account outside of their country.
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Revolut also offers free stock trading without inactivity fees for US shares only. Commission-free stock trading for customers in their “metal” client category went live in 2019.
The firm recently raised a $500 million funding round, valuing the company at $5.5.
Revolut is entirely app-based. Customers can sign up for an account and a debit card, which will be a Mastercard for US users in just a few minutes right from within the app. That account is insured for up to $250,000 by the FDIC.
For the banking infrastructure, Revolut has partnered with New York-based Metropolitan Commercial Bank (MCB).