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Revolut launches its neobank in the US

Wednesday 25 March 2020 12:34 CET | News

UK-based fintech startup Revolut has launched its app and service in the United States.

Starting with 25 March 2020 anybody can sign up and get a Revolut debit card. In the US, Revolut has partnered with Metropolitan Commercial Bank for the banking infrastructure — deposits are FDIC insured up to USD 250,000.

In just a few years, Revolut has managed to attract over 10 million customers by building a financial hub that lets you spend, send, receive and manage money from a single app. The company recently raised a USD 500 million funding round, valuing the company at USD 5.5 billion.

Like competing challenger banks, such as Chime and N26, Revolut lets users open an account from their phone. After downloading the app, users enter personal details and send a few official documents to comply with know-your-customer regulation. After that, US account details are received and users can instantly top up their account with a bank transfer or a card transfer. A few days later, they also receive a physical debit card. The offering also include virtual cards.


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Keywords: Revolut, expansion, United States, US, neobank, digital banking, online banking, challenger bank, virtual card, debit card
Categories: Banking & Fintech | Online & Mobile Banking
Countries: United States
This article is part of category

Banking & Fintech