'Revolut Lite' is designed to be lightweight and uses a minimal amount of mobile data, which makes it perfect for use in third-world countries.
Revolut was the only firm on the FCA’s temporary registration regime and is now licensed to offer digital asset trading and custodial services in the U.K.
The Financial Reporting Council says Revolut’s auditing had an “unacceptably high risk of material misstatement” amid cost-cutting under Project Prism.
Revolut received the license from the Cyprus securities watchdog and can now serve 30 countries in Europe amid a hiring spree in digital assets division.
Revolut is bucking this year’s massive tech layoffs tide, raising headcount by 20%, including in its digital assets business which accounts for 10% of revenue.
The digital asset industry has a specific problem which, despite hurting consumers and adoption, receives little attention: dishonest advertising.
Revolut has said the losses were a result of increasing investment in expanding to new territories, as well as costs incurred in the development of new products. In recent months, the firm has been pushing its app to new markets including Singapore, Australia and the U.S., after launching its commission-free stock trading offer in 2019.
Revolut chairman Martin Gilbert said the results over the period had put the company on a sustainable path to continued growth.
“Both 2019 and the first months of 2020 have been periods of significant achievement and expansion for Revolut, putting the company on a clear path to long-term sustainable growth. Our continued growth and expansion during the pandemic has shown the resilience of our strategic plans and we are pleased that these plans are further endorsed by new investors.”
Revolut is regarded as one of Europe’s leading unicorns, after securing a valuation at $5.5 billion in a recent private funding round. This puts the company on a level with Checkout.com and Klarna among Europe’s largest fintech startups." title="Revolut losses triple amid growth in users" />
Digital banking startup Revolut has posted losses of over £106 million ($139 million) for 2019, up 300% on its losses for the previous year.
The change in terms follows the U.K. bank allowing all customers access to digital currency trading for the first time.
Revolut has been forcing its employees to quit their jobs or risk getting fired. A new report claims that the firm has dismissed several workers, some illegally
Revolut began operating in Australia in 2019 under a special exemption granted by the Australian financial regulator ASIC.
Digital banking platform Revolut has launched in the U.S, five years after it launched in Europe. The platform supports easy buying of digital currencies.