Revolut: 10 Key Things You Must Know

Overview

Revolut is a British multinational financial technology company that has revolutionized the way people manage and interact with money, primarily through a mobile app offering a wide array of digital banking services. Founded in 2015 by Nikolay Storonsky and Vlad Yatsenko, Revolut has rapidly expanded its customer base to over 65 million worldwide as of 2025. Known as a neobank, it provides both free and subscription-based platforms combining traditional banking, currency exchange, stock and cryptocurrency trading, and personal finance management in one user-friendly ecosystem. This article explores the essential facts about Revolut, uncovering its innovative features, global reach, growth trajectory, challenges, and its place in today’s evolving fintech landscape.

1. Origin and Founding Vision

Revolut was launched on July 1, 2015, by Nikolay Storonsky, a British-Russian entrepreneur, and Vlad Yatsenko, a British-Ukrainian software engineer. The idea behind Revolut was to create a payments platform that offered low-cost, instant payments and currency exchange primarily accessible via smartphone. Initially targeting travelers, the app linked to a prepaid Mastercard enabling users to spend abroad with interbank exchange rates, making it highly competitive against traditional banks and currency exchange services. The founders envisioned a global financial super-app simplifying cross-border transactions and financial management from a single platform.

2. Rapid Growth and Global Expansion

Since its inception, Revolut quickly scaled from a UK-centric service to an international neobank, now operating in over 48 countries, including key regions such as the European Union, United States, Australia, Japan, and Brazil. By mid-2025, Revolut had amassed around 65 million customers globally. The company’s expansion was bolstered by multiple funding rounds, aggressive hiring, and strategic partnerships with Visa and Mastercard. The product suite has evolved beyond currency exchange to include stock trading, cryptocurrency handling, loans, and insurance products, appealing to a broad spectrum of individual consumers and businesses alike.

3. Comprehensive Digital Banking Features

Revolut’s app serves as a one-stop digital banking platform with multiple financial offerings. Users can open multi-currency accounts, make domestic and international transfers, and hold debit or credit cards linked to their accounts. The app supports over 120 currencies for spending and 36 currencies for transfers. Revolut also offers commission-free stock trading, cryptocurrency exchange, savings vaults with interest, and peer-to-peer payment functionalities. The platform’s user-centric design includes budgeting tools, instant spending notifications, and fraud prevention systems, emphasizing accessibility and security in everyday financial transactions.

4. Business Banking and Corporate Services

In addition to personal banking, Revolut offers specialized services for businesses via Revolut Business. Launched in 2017, the business platform enables companies to hold multi-currency IBAN accounts, exchange and transfer money internationally in over 25 currencies, and manage expenses and payments efficiently. It caters to startups, SMEs, and larger enterprises, providing tools such as corporate cards, expense management, and integration capabilities with accounting software. This diversification has helped Revolut position itself as a versatile player in both consumer and business financial sectors.

5. Banking Licenses and Regulatory Milestones

Originally operating as an electronic money institution, Revolut sought to enhance its legitimacy and service scope by acquiring formal banking licenses. In December 2018, it obtained an EU banking license from the European Central Bank via Lithuania, allowing it to accept deposits and offer consumer credit in the European Economic Area. In 2024, it finally secured a UK banking license, an essential milestone affirming its status as a regulated bank, though operating initially under restrictions. These licenses enable Revolut to provide enhanced banking products and protect customer funds under deposit insurance schemes.

6. Funding History and Valuation

Revolut’s journey has been heavily fueled by extensive fundraising rounds, totaling over $1.7 billion by mid-2023. Key funding milestones include a $66 million Series B round in 2017, a $250 million Series C in 2018 elevating it to unicorn status, and a $800 million Series E in 2021 which valued the company at $33 billion. More recent secondary funding rounds in 2024 and 2025 increased its valuation dramatically to around $75 billion, making Revolut one of Europe’s most valuable fintech startups. These investments have supported technology development, international expansion, regulatory compliance, and hiring.

7. Innovation in Prepaid Cards and Indian Market Strategy

A significant part of Revolut’s growth strategy involves prepaid Visa cards, particularly seen in its Indian division. In 2025, Revolut India focused on directly issuing prepaid cards linked to a domestic Visa network rather than co-branded bank cards, enabling higher interchange fees and streamlining domestic and international payment solutions. With RBI authorization obtained in April 2025, Revolut India aims to add 20 million customers over five years and target $7 billion in transaction value, emphasizing the importance of prepaid cards and UPI-enabled wallets in emerging markets.

8. Security and Compliance Challenges

Despite its success, Revolut has faced security and regulatory challenges. It experienced a cyberattack in 2022 where limited personal customer data was compromised but no funds were lost. Compliance algorithms that detect fraud or money laundering sometimes led to automated account suspensions, causing inconvenience to users. Furthermore, Revolut has been named in fraud complaints in the UK more frequently than major banks, reflecting the growing pains of rapid digital scale and the sophisticated tactics of financial criminals. The company continues to invest heavily in fraud prevention and regulatory compliance to mitigate these risks.

9. Controversies and Customer Service Issues

Revolut's meteoric rise has not been without criticism. Issues have been raised about its customer support quality, especially during account suspensions related to anti-money laundering investigations. There have been reports of prolonged account lockouts causing financial distress among users. Additionally, accusations regarding ties to the Russian government were strongly denied by Revolut, but raised concerns in certain markets. Internally, Revolut’s intense work culture and high staff turnover were also subjects of scrutiny. The company's response entails refining operational policies and boosting support infrastructure.

10. Future Outlook and Market Position

Looking ahead, Revolut aims to solidify its presence as a global financial super-app, expanding regulated operations into new markets such as Mexico, the UAE, and Israel. The company plans significant investments, including $1.1 billion over three years focused on its Western European expansion from Paris. Revolut is also exploring an IPO, with discussions around listings on Nasdaq or London. Their ambition is to capture further market share by continuously innovating digital banking products, improving compliance frameworks, and focusing on customer-centric features to compete with traditional banks and emerging fintech rivals.

Conclusion

Revolut has emerged as a formidable force in the fintech sector, blending technology with innovative banking services to reshape customer expectations around money management. With rapid global expansion, diverse product offerings, robust funding, and strategic regulatory advances, it stands at the forefront of digital banking transformation. Nevertheless, challenges such as regulatory scrutiny, security threats, and customer support remain critical areas for ongoing improvement. As Revolut continues to grow and evolve, it poses intriguing questions about the future of banking, financial inclusivity, and the blending of finance with technology on a global scale.