MASTERCLASSING

Revolut launches in the US

David Murphy

Revolut has launched its digital bank in the US, having already attracted tens of thousands of customers in the country since hinting at a launch last year. It has more than 10m customers in the UK and Europe.

Revolut customers can instantly send and request money to each other for free, split bills at the tap of a button, and round-up every card purchase to the nearest dollar and stash away their spare change.

US customers can also spend and transfer money globally at the interbank exchange rate, hold and exchange 28 currencies in the Revolut app, and get their salary two days in advance. Revolut said it intends to roll-out additional features and services in the near future, including cryptocurrencies, commission-free stock trading and savings products. 

Starting today, US consumers can set up a Revolut account in minutes from their smartphone. Once they have downloaded the app for iOS or Android, customers just need to enter their personal information and upload their identification documents, and their account should then be verified within a matter of minutes.

In an effort to give customers more visibility and control over their money, Revolut customers receive instant spending notifications, can see exactly how much money they are spending on things like restaurants, groceries and transportation, and can also set up monthly spending budgets for individual categories.

Customers can also freeze and unfreeze their card from within the app, and turn on and turn off payment functionalities, such as contactless, swipe, online payments and ATM withdrawals for added security. And for those who frequently make online payments, Revolut offers a disposable virtual card, whereby virtual card details are refreshed each time a transaction is made online.

“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,” said Revolut founder & CEO, Nik Storonsky. “They should have the tools to help them manage their money more conveniently and accurately.”

Last month, Revolut raised $500m (£418m) in Series D funding at a valuation of $5.5bn. Revolut’s backers include Ribbit Capital, Index Ventures, DST Global and TCV.

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