Revolut is a global money app that includes a Mastercard and offers currency exchange at real-time exchange rate and worldwide P2P payments

Country: UK
Year: 2015

Concept

  • Revolut is an app for smartphone linked to a pre-paid Mastercard that offers interbank rates on currency, which means the rate the banks lend to each other, and not the one banks and bureaux de change traditionally use after adding around 3% fees. On the app, the user can see what exchange rate they are going to get at this particular moment
  • Revolut also allows users to spend, exchange, and send money in 90 possible currencies around the world without paying any fees. The user can virtually and instantaneously transfer money between currencies. Transferring money to other accounts can be made using SMS, email, or Whatsapp. The user can also withdraw up to £500 per month of fee-free cash, after which a 2% fee applies
  • Loading money in pounds is free, however, there fees on loading the card with cash
  • In less than 2 years, the startup raised a total of $23m
  • In May 2016, Revolut had around 160,000 costumers

Consumer Benefits

  • Quick: Revolut is 100% online,  it only takes few minutes to register, get a Mastercard number, and start spending
  • Cheap: the exchange-rates are the lowest on the market
  • Convenient: Revolut is available everywhere on the world, the user only needs a mobile and the Mastercard

How to use

  • Download the app
  • Register with the mobile number
  • Instantely access the number of the debit card that can be used for online purchases
  • Ask for the card to be delivered
  • When going abroad, upload money on the Revolut account. The money is converted at the best exchange rates
  • Spend and purchase with the debit card, wherever the user is!

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