Digital banking unicorn Revolut has finally launched in the United States, five years after it debuted its services in Europe. Revolut will now challenge veterans like Venmo and Square’s Cash App for a share of the lucrative American market. It will allow its users to make payments, send money internationally, manage their budgets and more, all at low fees.
Since it launched five years ago, Revolut has grown aggressively and has now become a household name in the U.K. and beyond. It now has over 10 million users in Europe alone. Revolut allows its users to access basic banking services at the comfort of their homes. It also charges lower fees than most banks as it doesn’t operate through brick-and-mortar locations.
The Revolut app has been available to U.S. clients in beta since June last year, the company told The Verge. In that time, it has raked up 60,000 users.
Some of the features that U.S. clients will enjoy include sending money overseas at the real exchange rate, with the platform promising no hidden fees. They will also get to hold and exchange 28 currencies including the U.S. dollar, the Canadian dollar, the British Pound, the euro and more. They’ll be able to hold up to $250,000 in an FDIC insured account, have access to a built-in budgeting app, get instant spending notifications and round up their spare change through the Revolut Vault feature.
The users will also get a debit card once they open an account, with The Verge revealing that all U.S. debit cards will be by Mastercard. Since Revolut doesn’t hold a banking license in the U.S., it will partner with New York-based Metropolitan Commercial Bank to offer its users the banking services they require.
Revolut, which recently unveiled a kids’ account, allows its users to buy digital currencies easily and conveniently. However, its U.S. users will have to wait a little longer before this feature becomes available, with the app starting out with it most basic features. They will also not be able to invest in stock market yet.
And while it has found great success in Europe, the U.S. is a different kettle of fish. First, the country already has several digital banking and payment platforms. Some like Venmo already have a huge user base. Even its unique features such as digital currency and stock buying support are already available in the U.S. through platforms like Square’s Cash App and Robinhood, which both support digital currencies.
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