FinTech unicorn Revolut launches in US
London headquartered FinTech Revolut is to launch its app-based banking product in the US as part of a wider international roll out plan.
The leading challenger bank has been working on an American launch for months, after successfully securing 10 million users across the UK and Europe.
From today, its first US customers can open an account via the Revolut app. Deposits into the account are backed by the FDIC up to $250,000 via a collaboration with Metropolitan Commercial Bank.
The app offers its direct deposit users the ability to get their salary 48 hours before getting paid by their employers, one of the features Revolut CEO and Founder Nik Storonsky said was currently very important to workers.
“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,” he said.
Money can be spent, held and transferred worldwide at the interbank exchange rate in 28 currencies, and customers can take money out of the 55,000-plus ATMs in the US and around the world.
Last month the firm secured $500m from US investors, tripling its valuation as it set its sights on profitability. Last year it hired 3,500 new staff and announced expansion plans for Japan, Russia, and South America.
“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,” Storonsky added.