British Fintech Revolut Rolls out Banking App in U.S.

British Fintech Revolut Rolls out Banking App in U.S.

Revolut, a UK-based financial technology company, has announced launching its banking application in the U.S. today.

Accordingly, the U.S. users can now send and receive funds through a single app.

The company added that users can receive their salaries at no cost up to two days in advance.

Those amounts are insured for nearly $250,000 by the Federal Deposit Insurance Corporation (FDIC).

Since June 2019, Revolut’s apps in the U.S. have been in beta, with nearly 60,000 beta testers. The company stated that it has over 10 million users in total.

Although Revolut has released its U.S. banking app, it plans to launch crypto and equity trading with a zero commission.

The company allows users to open free accounts through mobile phones. After installing the app, the user enters his personal information and submits some official documents to abide by know-your-customer rules.

After that, the user gets his account details and can immediately top up his account with bank transfer or card transfer. After a few days, he will also receive an ATM card. He can also create a virtual debit card from the app.

Earlier, Cryptolydian reported that the Fintech startup has raised more than $500 million in a Series D funding round.

Although investors from previous rounds have also participated, the company has not revealed any other names.

The firm seeks to challenge existing traditional banks, by undercutting their prices on services.

The company has raised a total of $836 million from funding rounds over the past years.

In July 2017, the firm has announced supporting Bitcoin (BTC), soon after its $66 million Series B. It then added Ethereum (ETH) and Litecoin (LTC) later that year. In addition, the company supported Bitcoin Cash (BCH) and XRP (XRP) in May 2018.

The exchange allows users to use Revolut Card to send cryptocurrencies to other users in the app but does not allow sending them to any external users or pay for crypto goods and services.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.