Top 10 News of Revolut

Introduction

Revolut, a global financial super-app, continues to reshape the banking and fintech landscape with groundbreaking innovations and strategic milestones. From achieving global annualized revenues exceeding $500 million to securing a UK banking license, Revolut is steadfast in its mission to transform financial services. The company is rapidly growing, with plans to increase its workforce by 40% in 2024, marking a significant milestone of 10,000 employees. Its latest product launches include Revolut BillPay, Mobile Wallets for faster global transfers, and Revolut X, a dedicated crypto trading platform for experienced users. Additionally, Revolut is enhancing its business offerings, introducing smarter expense tools, QR code payments, and doubling its financial crime team to combat rising fraud in the industry. As Revolut continues to innovate, it has also raised substantial funding, including an $80 million extension to its Series D round, further strengthening its position in the fintech sector.

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Revolut app is now available in Ukrainian language

As part of its ongoing commitment to supporting the Ukrainian community, global fintech company Revolut has announced that its app is now available in the Ukrainian language.
Since 2022, over 1 billion euros have been transferred to Ukraine using Revolut, with the majority of funds originating from Germany, the UK, Ireland, Poland, and the Netherlands.
Today, nearly 700,000 Ukrainians across the UK and EEA rely on Revolut for seamless financial services, with the largest communities based in Poland (27%), Germany (17%), and the UK (6%).
As many Ukrainians continue to navigate the challenges of displacement, Revolut remains committed to providing support and seamless, user-friendly financial services.

As part of its ongoing commitment to supporting the Ukrainian community, global fintech company Revolut has announced that its app is now available in the Ukrainian language. This move comes two years after Revolut began offering payment services to refugees fleeing Ukraine and the devastating effects of Russia’s full-scale invasion.

Revolut receives UK banking licence

Nik Storonsky, CEO of Revolut, commented:“We are incredibly proud to reach this important milestone in the journey of the company and we will ensure we deliver on making Revolut the bank of choice for UK customers.”

Francesca Carlesi, UK CEO of Revolut, commented:“Today’s announcement is a significant step forward for Revolut and for our customers. It is a tremendous responsibility to be a bank in the UK and we will work relentlessly to offer products and services that improve the financial lives of everyone who uses Revolut.

“This is the next phase in Revolut’s journey in the UK – we can’t wait to get going.”

Revolut recently published its financial accounts for 2023, announcing that Group revenues surpassed $2.2bn, with record profits before tax of $545m.

Revolut expects to boost workforce by 40% in 2024; as company reaches 10,000 employee milestone

Revolut plans to boost its global workforce by 40% in 2024 from 8,000 at the start of the year to 11,500 by the end
Revolut now has over 10,000 employees across the globe
Revolut received over one million job applications globally in 2023

Revolut, the global fintech with over 8 million UK customers and 40 million globally, has today announced it expects to boost its global headcount by 40% in 2024. The announcement comes as the company reaches 10,000 employees globally, and continues to grow its workforce, all whilst many other financial institutions are making job cuts or hiring freezes. The company has over 70 roles currently advertised in the UK.

Revolut launches Revolut X, a stand-alone crypto trading platform for experienced traders

Revolut’s latest crypto offering marks the next step in becoming the go-to financial app for crypto pros — providing them with a safe and accessible place to trade.
The new platform builds on Revolut customers’ ability to buy crypto directly with fiat currency, and on and off ramp directly to wallets
Customers can trade more than 100 tokens with 0% maker and 0.09% taker fees on Revolut X, which is now available on desktop for all UK traders with a Revolut retail account. Customers will be able to on and off ramp with no limits or fees – and in real-time.

Revolut launches Mobile Wallets, allowing for faster transfers across the world

Akshat Mittal, General Manager for Revolut International Payments, said,“We’re delighted to launch Mobile Wallets so that Revolut customers can send money in a flash. Sending money home is a problem many expats face and so it is essential to provide a service that simplifies this and facilitates affordable and convenient international money transfers.

“By continuously adapting to the evolving needs of the digital economy, we hope to continue to empower individuals and families around the world to navigate the complexities of cross-border finance with ease.”

Mobile Wallets offer an additional way to send money abroad quickly and with a similar price structure as Revolut bank transfers. The potential benefits are greater ease, less friction and a wider choice, as customers will be able to transfer to wallets they like to use at home.

Revolut appoints senior banking and fintech expert as UK CEO

Francesca Carlesi joins from Molo, UK’s first fully digital mortgage lender, where she was founder and CEO
Prior experience in banking includes senior roles at Deutsche Bank and Barclays, as well as at McKinsey & Co. and Bridgepoint Capital.

Revolut, the financial global super app with over 35 million customers, has announced the appointment of Francesca Carlesi as UK CEO.

Francesca Carlesi’s appointment adds to Revolut’s increasingly diverse leadership group as well as wider talent pool. Francesca will start at Revolut in December 2023.

Francesca spent more than 15 years in the financial industry across a range of sectors including private equity, retail and commercial banking, investment banking and asset and wealth management. She held senior roles at Deutsche Bank and Barclays, as well as at McKinsey & Co. and Bridgepoint Capital. Most recently, Francesca founded and was CEO of Molo, the UK’s first fully digital mortgage lender.

Revolut doubles Financial Crime Headcount to Combat Rising Industry Fraud

In response to this threat, where over £1.12bn was lost to fraud in the United Kingdom in 2022 (1), Revolut is investing in world-class talent to help tackle fraud. Data disclosed by the company today revealed more than a third of Revolut’s workforce is now dedicated to fighting Financial Crime, with over 2,500 FinCrime experts across 6 markets, spanning key functions such as product development, data science, customer support, operations, and anti-money laundering. This represents a doubling of Revolut’s FinCrime team’s size since 2021. Revolut’s continued investment in fraud protection is proving successful, with the company having prevented more than £200m in potential fraud against its customers in the last 12 months.

Pay at a distance: Revolut Business launches QR codes

Paulo Guichard, Product Owner for Acquiring at Revolut said: “The popularity of QR codes has increased as this payment method is quick, easy and allows people to make socially distanced payments which are increasingly important during the global pandemic. We’ve removed the need for additional devices or hardware, as all business owners have to do is use their Revolut Business app and show customers a QR code to accept payments straight away through this efficient and touch free method.”

Revolut Business customers in the UK, Austria, Belgium, France, Denmark, Germany, Ireland, Italy, Netherlands, Poland, Portugal, Spain, Sweden, Bulgaria, Croatia, Czech Republic, Estonia, Finland, Greece, Hungary, Lithuania, Luxembourg, Norway, Slovakia and Slovenia can use QR codes.

To enable QR codes, Revolut Business customers need to update their app to at least version 2.28 in the iOS or Android store. Revolut Business customers will also need to apply for a Merchant Account within their Revolut Business Account to use this. Once an application is submitted the Revolut Business team will review it as soon as possible and get in touch regarding the next steps.

Revolut Business launches smarter Expenses

Revolut’s automated bookkeeping tools simplify a usually time consuming process. Now customers can use Revolut’s default categories and tax rates, or customise them should this be the accountant’s preference. This tool can reduce the hours accountants and finance managers spend on company books and files can be quickly exported as a CSV file to use on any external accounting platform or software. Xero users can easily connect their Xero profile to a Revolut Business account allowing them to better manage their accounting and finances.

To use Expenses, Revolut Business customers need to have one of Revolut’s paid plans, then go to the menu within their Revolut Business account and tap on ‘Expenses’.

James Gibson, Head of Product at Revolut Business said:“We have built our Expenses product to simplify everyday tasks for business owners, employees and accountants alike. Regardless of whether you are a freelancer, small business or future unicorn, our set of tools will provide you with control over your company spending – so you can focus on running your business.”

Revolut raises $80m extension from TSG Consumer Partners and closes $580m Series D round

Revolut, a global financial platform with over 12 million customers worldwide, today announced it has closed its Series D round, announced earlier in the year, with an $80 million extension, for a total of $580 million at the same valuation. The latest investment comes from TSG Consumer Partners, a leading San Francisco-based private equity firm that partners with founders and management teams to build high growth global brands.

Revolut will use the investment to accelerate the roll-out of banking operations across Europe, including full bank accounts and lending services, and to speed up production of new product lines, including a new subscription management tool and a rewards programme for customers.

In the coming weeks, Revolut will launch a new subscription management tool, which will allow customers to cancel subscriptions at the tap of a button, and will alert them when a free trial subscription is coming to an end.

Commenting on the fundraise, Nik Storonsky, Founder & CEO of Revolut, said: “While we were not actively looking to raise any additional capital, TSG approached us with an exciting proposition to work together. Given TSG’s track record of backing some of the most successful and innovative consumer companies in recent years, we were very pleased to have them onboard as we accelerate the rapid adoption of our platform.”

Conclusion

Revolut’s impressive growth and innovation reflect its commitment to making financial services seamless, accessible, and secure for individuals and businesses alike. With its expanding workforce and global revenue surpassing $500 million, the company is cementing its position as a leader in the fintech industry. Recent initiatives like the Revolut X crypto platform, Mobile Wallets, and advanced business banking solutions showcase its dedication to addressing diverse customer needs. Securing a UK banking license and appointing seasoned leadership further strengthens its credibility and operational foundation. By doubling its financial crime team, Revolut demonstrates its proactive stance in combating industry challenges like fraud. Backed by robust funding and visionary strategies, the company is poised for sustained growth and innovation. As Revolut moves forward, it continues to redefine the boundaries of modern banking, delivering cutting-edge solutions that empower users worldwide.