Last month, we asked Paybefore.com visitors to vote for the Best Challenger Banks—the ones shaking up the status quo with a legitimate chance to become preferred consumer accounts, not just a stepping stone to the big banks.
For the next few weeks, we’ll be sharing our spotlight articles on these challengers. Up first is Revolut, which ranked No. 4 in the voting.
Flagship product: digital banking alternative designed for a global lifestyle.
Location: Headquartered in London but offices globally including New York; Moscow; Krakow, Poland; Berlin; Paris; Milan; Amsterdam; and Vilnius, Lithuania.
Opened for Business: July 2015
Banking License: No, but not ruling this out for the future.
Investors/Funding: $88 million to date from Index Ventures, Balderton Capital, Ribbit Capital and two record-breaking crowdfunding campaigns.
Secret Sauce: Global fee-free spending, interbank exchange rate, free international money transfers, holds up to 16 different currencies in-app and future product launches including cryptocurrency integration, spare change investment platform and travel/device insurance.
Target customers: Men and women, typically between 25 and 35 across Europe.
Active customers: 800,000 (on target to reach 1 million by the end of 2017)
Growth strategy: Global expansion and new features, including cryptocurrencies and investment platforms, updating in-app technology to include faster P2P payments, budgeting tools, gifts and points, etc.
Why do you deserve to be on this list?
- In just two years, Revolut is on target to reach more than 1 million customers by the end of 2017
- One of the fastest-growing fintech startups in the world
- Innovative and unique services such as cryptocurrency integration and AI support bot
- Global expansion to North America, Asia and Australasia