In three months, users of Revolut cards spent or transferred over USD 300 million. In February 2016, the fintech startup had handled USD 200 million, with volumes growing 30% each month, businessinsider.com reports. Revolut, an app linked to a pre-paid MasterCard, lets people load money from their domestic bank account and then spend in over 90 currencies at the interbank rate.
It recently introduced a fair usage clause that charges some fees above certain thresholds, such as a 2% levy on ATM withdrawals above GBP 500 a month. People can also send money abroad at the interbank rate using the Revolut app and the USD 500 million figure includes money spent using the cards, sent over the app, and withdrawn from ATMs.
Revolut has been classed as a technology company and partnered with Paysafe Financial, using its licence to conduct business. But now Revolut has an e-money licence and wants to get a licence to issue cards. The startup is currently raising a GBP 10 million funding round. Revolut has to date raised USD 7 million. Early seed investors include Balderton Capital, which has backed the likes of Betfair, Zopa, and LoveFilm; and Index Ventures, backers of TransferWise, Facebook, and Dropbox.
Currenty, 180.000 people use Revolut cards, the startup signing up 1.500 new customers a day. 70% of Revolut customers come from the UK while the rest are in Europe. The majority of spending is in US.
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