London-based online banking company Revolut is expanding its horizons. The digital banking platform announced that it would launch a streamlined edition of its mobile app in parts of Asia, South America, and the Middle East.
Revolut is rolling out the app in Azerbaijan, Chile, Ecuador, Oman, and Sri Lanka. In doing so, it enables customers in those countries to transfer money in over 30 currencies to more than 50 countries.
According to the company’s official announcement, fees would be waived for money transfers to other Revolut customers. Transfers to non-Revolut accounts, on the other hand, will be subject to a 1% fee for a minimum transaction worth US1 in the new countries.
This is just the latest feather in Revolut’s cap as a digital banking services provider. In January of last year, it formally applied for a banking license in the United Kingdom; later in the year, it also applied for a bank charter in the United States through the Federal Deposit Insurance Corporation (FDIC) and the Department of Financial Protection in California. In July 2021, the company raised a total of US$800 million from investors including Japan’s SoftBank Group and Tiger Global Management.
As of January 2022, Revolut has also been offering its digital banking services in ten countries, including Belgium, Denmark, Germany, the Netherlands, and Spain.
What Exactly Does Revolut Do?
Founded in 2015, Revolut offers a wide range of banking services including savings accounts in UK pounds and Euros, debit cards, currency exchange sans fees or at minimal fees, stock trading, cryptocurrency exchange, and even peer-to-peer payments.
The company’s mobile application supports online spending as well as ATM withdrawals in 120 currencies aside from the aforementioned direct transfers through the app.
For nearly a decade, this online banking platform has given its customers access to an extensive range of cryptocurrencies, including market leaders like Bitcoin and Ethereum via exchanges with over 25 fiat currencies. A standard fee of 1.5% is applied to both buying and selling transactions.
As of March of this year, the company has served over 18 million customers worldwide, handling an average of 150 million transactions a month.
Revolut also made waves earlier this year when it donated nearly US$1.8 million to the International Red Cross’ appeal for the people of Ukraine. This was not surprising as one of its founders is from the beleaguered nation and its Russian head has decried the invasion in the strongest terms.