Revolut launches Open Banking feature

The new feature will allow its customers to connect their external bank accounts to the Revolut app, meaning they will be able to see all of their transactions and balances in one place. Customers will also be able to track their spending and set budgeting controls for their external bank accounts within the Revolut app, a step that could potentially push legacy banks towards updating their own banking apps.

The platform has been built in partnership with TrueLayer, a provider of financial APIs. Recently Revolut has launched a savings product for its premium users. The step towards Open Banking could be an effort from Revolut to reduce their annual losses, which equalled GBP 32.8 million in 2019, and draw in more customers to use Revolut as their primary bank account.