Payment Methods

Revolut Suspends New Card Issues As It Seeks Its Own License

Revolut, the international money exchange service, is temporarily halting the opening of new accounts.

According to a report by Business Insider, which cited Revolut Founder and Chief Executive Officer Nikolay Storonsky, the company is not issuing any new cards and is putting interested people on a waiting list as it changes licenses.

Two unnamed sources told Business Insider the halting of issuing new cards is due to an argument between the company and partner Paysafe, which issues cards and processes payments. Paysafe reportedly told Revolut to stop issuing cards after it found many of the issued cards were not in the confines of Europe.

“Because we work with Paysafe, they are not allowed to open accounts outside of Europe, so we had to inform people that, for a short time, they will not be able to open accounts outside of Europe, and then, when we get our own license, we can open these accounts again,” said Storonsky in the interview. The executive went on to say the company is working on getting its own license to issue cards itself, which would end its relationship with Paysafe. “We’re hoping to get the license this week,” Storonsky said. “We just didn’t want to accept new customers on our [current] issuing bank license because then it will be quite costly to transfer them.”

In July, Revolut announced that it raised a $10 million (£7.75 million) Series A funding round to help improve the way people spend and send various types of currencies across the world. Of the £7.75 million funding round, Revolut will offer £1 million in an equity crowdfunding round on Crowdcube, allowing users to learn more about its metrics.

According to Revolut, it has garnered 200,000 customers in just 10 months, is gaining approximately 1,500 new customers each day and has processed more than $500 million in transactions. It’s estimated that the company currently processes $4 million in transactions every day.

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