Revolut Releases Simplified App Version in Five Countries

Digital banking platform Revolut is introducing a streamlined version of its app in Sri Lanka, Chile, Ecuador, Azerbaijan and Oman, which will give users the ability to transfer money to 50-plus countries in more than 30 currencies, according to multiple reports.

Headquartered in London and founded in 2015 by CEO Nikolay Storonsky and Chief Technology Officer Vlad Yatsenko, Revolut’s digital banking platform has expanded its product suite to include payments services, crypto trading, savings and stock trading. 

The FinTech offers no-fee money transfers from one Revolut customer to another and a 1% fee with a $1 minimum for sending money to non-Revolut accounts. 

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“Revolut is redefining how to send and receive money by simplifying the process of international transfers, offering competitive fees, and always providing the best possible exchange rate,” Yatsenko said, according to a Wednesday (June 15) report in FinTech and Finance News. 

He added that launching in another five countries is part of the company’s plan to expand access to Revolut and its services around the world. 

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Revolut works with over 18 million customers and 500,000 businesses and said it has its sights set on expanding to as many as 90 countries by the end of this year, per reports.

“Traditional transfers can sting customers with hidden fees, but we’re waiving all our transfer fees if you’re both on Revolut — no matter where you are. Additionally, we’re always offering the best possible exchange rate that we can — something we’re extremely proud of,” Yatsenko said.

Related: Lack of UK Bank License Thwarts Revolut’s Super App Ambition

Revolut is striving to become a global financial super app and has been working on getting a U.K. banking license. The FinTech already offers money transfers, store purchases, share trading and pet insurance in the U.K.; a bank license, however, would enable Revolut to offer loans and overdraft protection, PYMNTS reported last month. 

Revolut was granted a bank license for the European Union last year and operates as a bank in 10 markets—Belgium, Denmark, Finland, Germany, Iceland, Lichtenstein, Luxembourg, Netherlands, Spain and Sweden. 

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