London-headquartered FinTech Revolut is launching its app-based digital-only bank in the U.S. after attracting more than 10 million customers across Europe and the U.K.
U.S. customers have already expressed an interest in Revolut and have been on a wait list ever since Revolut announced last year that it was preparing to bring its “financial super app” and debit card across the pond.
“As the cost of living increases disproportionately to people’s take-home salaries, now more than ever, people need to know exactly what is coming in and out of their account. They should have the tools to help them manage their money more conveniently and accurately,” Nik Storonsky, founder and chief executive officer (CEO) of Revolut, said in a statement on Tuesday (March 24).
When Revolut launched in 2015, it was on a mission to create a financial super app that would serve as a central hub for consumer financial management. With more than $800 million raised in funding rounds, the unicorn already has a workforce of 2,000 that includes staff in Silicon Valley and Manhattan.
“When spending or transferring money overseas, most people are unaware of the hidden fees that banks are charging them. The world is becoming more connected, and financial services should be supporting this notion, not hindering it,” Storonsky added.
People in the U.S. can quickly open a Revolut account as of today from their smartphones using the app for iOS or Android. From there, people have to upload identification, enter their personal information and wait for verification, which generally takes just minutes.
Immediately upon approval, people will have everything they need to start making deposits and making payments.
Deposits in the U.S. are backed by the FDIC up to $250,000 via a collaboration with Metropolitan Commercial Bank.
Direct deposit users in the U.S. can get their salary 48 hours before getting paid by their employers.
Customers are alerted instantly whenever money is deducted from their accounts so they also know exactly how much money they have and where it’s going. Users can set up spending and payment categories that work with their lifestyle and can create a budget to track their finances.
Revolut customers can also send real-time payments for free, easily split a bill with friends and round-up spending to easily save spare change.
Money can be spent, held and transferred worldwide at the interbank exchange rate in 28 currencies, and customers can take money out of the 55,000-plus ATMs in the U.S. and around the world.
Customers also have the ability to freeze their cards and turn off payment functions, such as tap-and-go swipe or online payments. Revolut also has a disposable virtual card. All Revolut cards are also fully contactless, supported by Apple Pay and Google Pay.
Digital banks — also known as challenger banks — are the FinTech alternative to legacy financial institutions.