revolut

Revolut was founded on the 1 July 2015 by Nikolay Storonsky and Vlad Yatsenko, offering individuals in the United Kingdom and European Economic Area (EEA) a smartphone app linked to a pre-paid Mastercard to spend money abroad using interbank foreign exchange rate.{{Cite news |last=Meyer |first=Harriet |date=2016-05-12 |title=The smartphone app revolutionising foreign currency exchange |url=https://www.theguardian.com/small-business-network/2016/may/12/the-smartphone-app-revolutionising-foreign-currency-exchange |access-date=2024-03-04 |work=The Guardian |language=en-GB |issn=0261-3077}}{{Cite web |date=2021-07-16 |title=Vlad Yatsenko, a Ukrainian who co-founded Revolut, becomes a billionaire after an $800M round and a $33B valuation |url=https://ain.ua/en/2021/07/16/revolut-raises-800m-at-33b-valuation/ |access-date=2021-07-27 |website=AIN.UA |language=en-US |archive-date=2021-07-27 |archive-url=https://web.archive.org/web/20210727154939/https://ain.ua/en/2021/07/16/revolut-raises-800m-at-33b-valuation/ |url-status=live }} Customers could use their Revolut card in 90 countries.{{Cite web |last=Williams-Grut |first=Oscar |title=London fintech startup Revolut is raising £10 million and signing 1,500 new customers a day |url=https://www.businessinsider.com/revolut-raising-series-a-new-customer-sign-ups-2016-4 |access-date=2024-03-07 |website=Business Insider |language=en-US}} The company states that its exchange rates are competitive. They also said their vision was to build a payments platform that enable customers and merchants to make low-cost instant payments and marketing platform.{{Cite web |last=Kharpal |first=Arjun |date=2016-02-04 |title=Start-up takes aim at PayPal, raises $4.8M |url=https://www.cnbc.com/2016/02/04/revolut-raises-48-million-takes-aim-at-paypal.html |access-date=2024-03-04 |website=CNBC |language=en}}{{Cite web |last=Dawson |first=Freddie |title=Popular Revolut: Financial Disruptor Equity Raise Oversubscribed By £17m |url=https://www.forbes.com/sites/freddiedawson/2016/07/25/popular-revolut-financial-disruptor-equity-raise-oversubscribed-by-17m/ |access-date=2024-03-07 |website=Forbes |language=en}} The company was originally based in Level39, a financial technology incubator in Canary Wharf, London.{{cite web |title=Are You Ready To Give Fintech A Try? |url=https://www.forbes.com/consent/?toURL=https%3A%2F%2Fwww.forbes.com%2Fsites%2Fenriquedans%2F2018%2F04%2F29%2Fare-you-ready-to-give-fintech-a-try%2F |last=Dan |first=Enriques |date=29 April 2018 |website=Forbes |access-date=12 June 2018 |archive-date=12 June 2018 |archive-url=https://web.archive.org/web/20180612164956/https://www.forbes.com/consent/?toURL=https%3A%2F%2Fwww.forbes.com%2Fsites%2Fenriquedans%2F2018%2F04%2F29%2Fare-you-ready-to-give-fintech-a-try%2F |url-status=live }}

The same month, the company raised £1.5 million during a seed funding round.{{Cite web |date=2015-07-20 |title=Revolut raise £1.5m, led by Balderton {{!}} Balderton Capital |url=https://www.balderton.com/news/revolut-raise-1-5m-in-round-led-by-balderton-capital/ |access-date=2024-12-23 |website=www.balderton.com |language=en-GB}} This was followed by a Series A round the following year, where Revolut raised over £6.75 million, which put them at a total valuation of about £42 million at the time.{{Cite web |last=Williams-Grut |first=Oscar |title=Hot foreign exchange app Revolut is worth £42 million in £6.75 million funding round |url=https://www.businessinsider.com/fintech-revolut-series-a-brexit-crowdfund-2016-7 |access-date=2024-12-23 |website=Business Insider |language=en-US}} By that time, they reached around 300,000 users, processing almost £1 billion in transactions according to the company.{{Cite web |last=Dawson |first=Freddie |title=Popular Revolut: Financial Disruptor Equity Raise Oversubscribed By £17m |url=https://www.forbes.com/sites/freddiedawson/2016/07/25/popular-revolut-financial-disruptor-equity-raise-oversubscribed-by-17m/ |access-date=2024-04-01 |website=Forbes |language=en}}

Building on its initial success, Revolut then launched a subscription-based app in June 2017 available to businesses across the UK and Europe. Under the name of "Revolut Business", businesses could create an account with a multi-currency IBAN to hold, exchange, and transfer money with 25 currencies.{{Cite news |last=Ainger |first=Neil |date=2017-06-13 |title=Revolut expands into business market |url=https://www.cnbc.com/2017/06/13/revolut-expands-into-business-market.html |access-date=2024-04-02 |publisher=CNBC |language=en}}{{Cite web |last=O'Hear |first=Steve |date=2017-06-13 |title=Revolut launches business accounts in U.K. and Europe |url=https://techcrunch.com/2017/06/13/revolut-launches-business-accounts/ |access-date=2024-12-23 |website=TechCrunch |language=en-US}} Following the launch of Revolut Business, the company raised $66 million during a Series B round in July 2017 with the goal to expand across Asia and the United States.{{Cite web |last=Dillet |first=Romain |date=2017-07-12 |title=Revolut raises $66 million for its global banking alternative |url=https://techcrunch.com/2017/07/11/revolut-raises-66-million-for-its-global-banking-alternative/ |access-date=2024-12-23 |website=TechCrunch |language=en-US}}{{Cite web |date=2017-07-12 |title=Revolut scores $66m Series B to expand across Asia and the US |url=https://www.uktech.news/news/investment-news/revolut-scores-66m-series-b-expand-across-asia-us-20170712 |access-date=2024-12-23 |website=UKTN |language=en-GB}}

The company was also affected by a major outage with their card processor Global Processing Services in June 2017, causing card payments to fail. Revolut experienced a similar outage along other companies, such as Monzo, back in March of the same year.{{Cite web |last=Price |first=Rob |title=Some of the UK's hottest fintech firms went down, including Monzo and Revolut |url=https://www.businessinsider.com/uk-fintech-firms-monzo-revolut-curve-loot-down-users-2017-7 |access-date=2024-12-23 |website=Business Insider |language=en-US}}{{Cite web |last=Williams-Grut |first=Oscar |title=Some of the UK's hottest fintech startups went down on Sunday — here's why |url=https://www.businessinsider.com/why-monzo-revolut-loot-and-curve-went-down-on-sunday-march-5-2017-3 |access-date=2024-12-23 |website=Business Insider |language=en-US}}

Until now, Revolut was only operating as an electronic money institution in the United Kingdom under the Financial Conduct Authority (FCA).{{Cite web |date=2024-07-25 |title=Revolut receives UK banking licence |url=https://www.revolut.com/news/revolut_receives_uk_banking_licence/ |access-date=2024-12-23 |website=Revolut |language=en-GB}} They first applied for their EU banking license in November 2017, at which time they also started work on their own payment processor.{{Cite news |title=This app-only bank is the latest UK fintech firm looking to win over customers |url=https://www.independent.co.uk/news/business/indyventure/revolut-uk-fintech-european-banking-licence-apply-brexit-leave-eu-a8043306.html |archive-url=http://web.archive.org/web/20240209131150/https://www.independent.co.uk/news/business/indyventure/revolut-uk-fintech-european-banking-licence-apply-brexit-leave-eu-a8043306.html |archive-date=2024-02-09 |access-date=2024-12-23 |work=The Independent |language=en-GB}}{{Cite web |date=2017-11-08 |title=Revolut applies for European banking licence |url=https://www.finextra.com/newsarticle/31301/revolut-applies-for-european-banking-licence |access-date=2024-12-23 |website=Finextra Research |language=en}} The bank then received its EU banking license as well as an EMI license in December 2018 from the European Central Bank, facilitated by the Bank of Lithuania. Under their new license, the bank could accept deposits and offer consumer credits. However, they were not allowed to provide investment services until later.{{Cite web |url=https://www.lb.lt/en/news/revolut-granted-specialised-bank-and-electronic-money-institution-licences |title=Revolut granted specialised bank and electronic money institution licences |date=13 December 2018 |website=Bank of Lithuania |language=en |access-date=13 December 2018 |archive-date=22 April 2019 |archive-url=https://web.archive.org/web/20190422135822/https://www.lb.lt/en/news/revolut-granted-specialised-bank-and-electronic-money-institution-licences |url-status=live }}{{Cite web |last=Megaw |first=Nicholas |date=13 December 2018 |title=Lithuania licence lets Revolut launch banking products |url=https://www.ft.com/content/989904f0-fe2c-11e8-aebf-99e208d3e521 |url-status=live |archive-url=https://web.archive.org/web/20181213131030/https://www.ft.com/content/989904f0-fe2c-11e8-aebf-99e208d3e521 |archive-date=13 December 2018 |access-date=13 December 2018 |website=Financial Times |language=en-GB}}{{Cite web |last=Schulze |first=Elizabeth |date=2018-12-13 |title=UK fintech unicorn Revolut granted European banking license |url=https://www.cnbc.com/2018/12/13/revolut-secures-european-banking-license.html |access-date=2024-12-23 |website=CNBC |language=en}} Stock trading was then made available in July 2019, where customers could now perform commission-free trade on the New York Stock Exchange and Nasdaq. Initially, this was only available for customers in Revolut's "Metal" subscription plan, but available to all users later on.{{Cite news |url=https://www.ft.com/content/a50349ae-b3ac-11e9-bec9-fdcab53d6959 |title=Revolut launches commission-free share trading |website=Financial Times |date=August 2019 |language=en-GB |access-date=9 August 2019 |archive-date=4 August 2019 |archive-url=https://web.archive.org/web/20190804082733/https://www.ft.com/content/a50349ae-b3ac-11e9-bec9-fdcab53d6959 |url-status=live }}{{Cite web |url=https://www.which.co.uk/news/2019/09/revolut-makes-stock-trading-free-for-all-customers-is-now-the-time-to-invest/ |title=Should you trade stocks for free with Revolut? |website=Which? News |date=24 September 2019 |language=en-US |access-date=14 October 2019 |archive-date=14 October 2019 |archive-url=https://web.archive.org/web/20191014102901/https://www.which.co.uk/news/2019/09/revolut-makes-stock-trading-free-for-all-customers-is-now-the-time-to-invest/ |url-status=live }}

Following the acquisition of a banking license, the company announced plans in September 2019 for expansion into 24 new markets across the United States, Asia, and other regions, supported by agreements with Visa and Mastercard. The company said that they also want to hire an additional 3,500 employees.{{Cite news |last=White |first=Lawrence |title=Exclusive: Fintech firm Revolut to hire 3500 staff in global push with Visa |url=https://www.reuters.com/article/us-revolut-visa-exclusive/exclusive-fintech-firm-revolut-to-hire-3500-staff-in-global-push-with-visa-idUSKBN1WF0JQ/ |archive-url=http://web.archive.org/web/20230120212955/http://www.reuters.com/article/us-revolut-visa-exclusive/exclusive-fintech-firm-revolut-to-hire-3500-staff-in-global-push-with-visa-idUSKBN1WF0JQ |archive-date=2023-01-20 |access-date=2024-12-23 |work=U.S. |language=en-US}}{{Cite web |last=Browne |first=Ryan |date=2019-10-22 |title=Revolut strikes deal with Mastercard to accelerate expansion into the US |url=https://www.cnbc.com/2019/10/22/revolut-partners-with-mastercard-to-accelerate-us-expansion.html |access-date=2024-03-12 |website=CNBC |language=en}}{{Cite web |url=https://www.siliconrepublic.com/companies/revolut-visa-deal-fintech-markets |title=New deal with Visa will see Revolut hire thousands, expand into 24 markets |last=Short |first=Eva |date=30 September 2019 |website=Silicon Republic |language=en |access-date=7 October 2019 |archive-date=10 March 2021 |archive-url=https://web.archive.org/web/20210310173503/https://www.siliconrepublic.com/companies/revolut-visa-deal-fintech-markets |url-status=live }} Earlier that year, it had already expanded into Australia, marking its first expansion outside of Europe.{{Cite web |last=Dillet |first=Romain |date=2019-06-13 |title=Revolut launches in Australia as a beta release |url=https://techcrunch.com/2019/06/12/revolut-launches-in-australia-as-a-beta/ |access-date=2024-08-26 |website=TechCrunch |language=en-US}} The following month, Revolut expanded to Singapore, becoming the company's first Asian market.{{Cite web |last=Dillet |first=Romain |date=2019-10-23 |title=Revolut launches publicly in Singapore, signs deal with Mastercard |url=https://techcrunch.com/2019/10/23/revolut-launches-publicly-in-singapore-signs-deal-with-mastercard/ |access-date=2024-04-04 |website=TechCrunch |language=en-US}} By 2020, they had also launched in the United States and Japan.{{Cite web |url=https://blog.revolut.com/revolut-launch-united-states/ |title=Revolut launches in the United States|first=Chad |last=West |date=24 March 2020 |website=Revolut Blog |access-date=25 February 2022 |archive-date=16 January 2022 |archive-url=https://web.archive.org/web/20220116182845/https://blog.revolut.com/revolut-launch-united-states/ |url-status=live }}{{Cite web |title=Revolut launches its financial app in Japan |url=https://techcrunch.com/2020/09/07/revolut-launches-its-financial-app-in-japan/ |access-date=2020-09-08 |website=TechCrunch |date=7 September 2020 |language=en-US |archive-date=2021-07-15 |archive-url=https://web.archive.org/web/20210715163511/https://techcrunch.com/2020/09/07/revolut-launches-its-financial-app-in-japan/ |url-status=live }}

By November 2020, Revolut reported that it had reached breakeven. At that time, it was valued at £4.2 billion, making it one of the highest-valued fintech companies in the UK.{{Cite web |last=Browne |first=Ryan |date=2020-12-08 |title=Revolut, Europe's $5.5 billion digital bank, quietly broke even in November |url=https://www.cnbc.com/2020/12/08/digital-bank-revolut-breaks-even-in-november.html |access-date=2020-12-11 |website=CNBC |language=en |archive-date=2021-05-23 |archive-url=https://web.archive.org/web/20210523123751/https://www.cnbc.com/2020/12/08/digital-bank-revolut-breaks-even-in-november.html |url-status=live}} The company's valuation was brought further during a Series E round in July 2021, with a $800 million funding round bringing them to $33 billion.{{Cite web |last=Lunden |first=Ingrid |date=2021-07-15 |title=Revolut confirms a fresh $800M in funding at a $33B valuation to supercharge its financial services super app |url=https://techcrunch.com/2021/07/15/revolut-confirms-a-fresh-800m-in-funding-at-a-33b-valuation-to-supercharge-its-financial-services-superapp/ |access-date=2024-12-26 |website=TechCrunch |language=en-US}}

The company applied for banking license in the United Kingdom and a bank charter in the United States in early 2021.{{Cite news |url=https://www.bloomberg.com/news/articles/2021-01-11/revolut-applies-for-u-k-banking-license-in-search-for-expansion |title=Revolut Applies for U.K. Banking License |newspaper=Bloomberg |date=January 11, 2021 |via=www.bloomberg.com |access-date=2021-01-13 |archive-date=2021-02-06 |archive-url=https://web.archive.org/web/20210206172226/https://www.bloomberg.com/news/articles/2021-01-11/revolut-applies-for-u-k-banking-license-in-search-for-expansion |url-status=live }}{{Cite web |url=https://www.standard.co.uk/business/financial-services/challenger-bank-revolut-bids-to-take-on-high-street-b828025.html |title=Challenger bank Revolut bids to take on high street |date=January 11, 2021 |website=www.standard.co.uk |access-date=January 13, 2021 |archive-date=February 18, 2021 |archive-url=https://web.archive.org/web/20210218091857/https://www.standard.co.uk/business/financial-services/challenger-bank-revolut-bids-to-take-on-high-street-b828025.html |url-status=live }}{{Cite web |url=https://techcrunch.com/2021/03/22/revolut-applies-for-bank-charter-in-the-us/ |title=Revolut applies for bank charter in the US |date=March 22, 2021 |website=TechCrunch |language=en-US |access-date=April 14, 2021 |archive-date=August 4, 2021 |archive-url=https://web.archive.org/web/20210804173617/https://techcrunch.com/2021/03/22/revolut-applies-for-bank-charter-in-the-us/ |url-status=live }} The European Central Bank also granted Revolut a full banking licence later that year.{{Cite web |last=AltFi |date=2022-03-25 |title=Revolut launches as a bank in Ireland |url=https://www.altfi.com/article/9017_revolut-launches-as-a-bank-in-ireland |access-date=2024-02-21 |website=AltFi |language=en}}{{Cite web |last=AltFi |date=2022-01-12 |title=Revolut launches as a bank in 10 more European countries |url=https://www.altfi.com/article/8696_revolut-launches-as-a-bank-in-10-more-european-countries |access-date=2024-02-21 |website=AltFi |language=en}}

After having secured bank licenses, Revolut started moving away from being an e-money institution to a bank. In January 2022, they started operating as a bank in 10 additional European countries: Belgium, Denmark, Finland, Germany, Iceland, Liechtenstein, Luxembourg, Netherlands, Spain, and Sweden.{{Cite web |date=2022-01-11 |title=Revolut launches as a bank in 10 Western European countries |url=https://www.finextra.com/newsarticle/39492/revolut-launches-as-a-bank-in-10-western-european-countries |access-date=2022-01-16 |website=Finextra Research |language=en |archive-date=2022-01-13 |archive-url=https://web.archive.org/web/20220113092411/https://www.finextra.com//newsarticle/39492/revolut-launches-as-a-bank-in-10-western-european-countries |url-status=live }}

The Financial Times reported in July 2023 that Revolut had lost $20 million to organized criminal groups due to a flaw in its US payment system between late 2021 and early 2022.{{cite news |last1=Venkataramakrishnan |first1=Siddharth |last2=Quinio |first2=Akila |date=2023-07-09 |title=Revolut's US payment flaws allowed thieves to steal $20mn |url=https://www.ft.com/content/0025347f-6e0c-4dbd-9762-e4eec0431050 |work=Financial Times}} The issue affected the company's corporate funds and not customer accounts; some of the money was recouped. Later that year, Revolut announced that they would stop offering cryptocurrency trading services to their US customers due to the "evolving regulatory environment" as the Securities and Exchange Commission intensified regulations regarding certain crypto assets and platforms.{{cite web |date=4 August 2023 |title=Revolut Pulls the Plug on Crypto in US, Citing Regulatory Environment |url=https://www.financemagnates.com/cryptocurrency/revolut-ends-crypto-services-in-us-blames-regulatory-uncertainty/}}

The company became target of a cyberattack in September 2022. An unauthorized third party briefly obtained access to a small portion (0.16%) of customer details. While no funds were accessed or stolen, personal data of over 50,000 customers was accessed by the perpetrator.{{Cite web |last=Page |first=Carly |date=2022-09-20 |title=Revolut confirms cyberattack exposed personal data of tens of thousands of users |url=https://techcrunch.com/2022/09/20/revolut-cyberattack-thousands-exposed/ |access-date=2024-03-27 |website=TechCrunch |language=en-US}}{{cite web |title=Revolut hack exposes data of 50,000 users, fuels new phishing wave |url=https://www.bleepingcomputer.com/news/security/revolut-hack-exposes-data-of-50-000-users-fuels-new-phishing-wave/ |url-status=live |archive-url=https://web.archive.org/web/20220922094151/https://www.bleepingcomputer.com/news/security/revolut-hack-exposes-data-of-50-000-users-fuels-new-phishing-wave/ |archive-date=2022-09-22 |access-date=2022-09-22}} In the same month, The UK's Financial Conduct Authority added Revolut to its list of companies authorized to offer cryptocurrency products and services. Before, the company had offered crypto trading since 2017, but it was not regulated.{{Cite news |date=2022-09-27 |title=Revolut receives green light to run UK cryptocurrency business |url=https://www.ft.com/content/2fe924e8-1fc2-4f98-9c3f-b0eff70b2174 |access-date=2023-02-21 |work=Financial Times}}

In January 2023, the company announced that it would transfer its 2 million Irish customers to a new Irish branch, moving them from a Lithuanian IBAN to an Irish IBAN.{{Cite web |last=Weston |first=Charlie |date=23 January 2023 |title=Revolut granted Irish IBANs, piling pressure on mainstream banks |url=https://m.independent.ie/business/personal-finance/banking/revolut-granted-irish-ibans-piling-pressure-on-mainstream-banks-42306631.html |access-date=2023-01-23 |website=Irish Independent |language=en}} This was followed by a launch for IBANs in France, Netherlands and Spain in September 2023.{{Cite web |last=Civieta |first=Óscar F. |date=2023-09-13 |title=Revolut alcanza los 2 millones de clientes en España y comienza a ofrecer IBAN local |url=https://www.businessinsider.es/revolut-alcanza-2-millones-clientes-espana-ofrece-iban-local-1304408 |access-date=2024-04-10 |website=Business Insider España |language=es}}

Revolut launched a subscription tier named "Ultra" for individuals in the UK and EEA in June 2023, which was the company's most expensive subscription at the time.{{Cite web |last=Blakey |first=Douglas |date=2023-06-16 |title=Revolut launches platinum Revolut Ultra |url=https://www.retailbankerinternational.com/news/revolut-targets-mass-affluent-segment-with-launch-of-revolut-ultra/ |access-date=2024-03-20 |website=Retail Banker International |language=en-US}} Around this time, the bank also began allowing staking for holders of proof of stake cryptocurrencies in the UK and EEA, a feature used by various cryptocurrencies such as Cardano or Polkadot at the time.{{Cite news |last=Howcroft |first=Elizabeth |date=2023-02-07 |title=Revolut to offer returns on crypto holdings via 'staking' |url=https://www.reuters.com/technology/revolut-offer-returns-crypto-holdings-via-staking-2023-02-07/ |access-date=2023-02-21 |work=Reuters |language=en}} In October 2023, Revolut expanded its stock trading services to include commission-free European stock trading in the EEA, aligning with similar offerings from other fintech platforms.{{Cite web |date=October 23, 2023 |title=Revolut adds European listed stocks to its trading platform across the EEA |url=https://www.revolut.com/en-LU/news/revolut_adds_european_listed_stocks_to_its_trading_platform_across_the_eea/ |access-date=2024-10-17 |website=Revolut.com}}{{Cite journal |date=2023-10-24 |title=Revolut adds European listed stocks to trading platform |url=https://www.rte.ie/news/business/2023/1024/1412622-revolut-adds-european-stocks/ |journal=RTE |language=en |access-date=2024-10-17}}{{Cite web |last=ALLEN |first=LORCAN |title=Revolut expands share trading offering with addition of 70 European listed companies |url=https://www.businesspost.ie/news/revolut-expands-share-trading-offering-with-addition-of-70-european-listed-companies/ |access-date=2024-10-17 |website=www.businesspost.ie |language=en-US}} By the end of the year, it was reported that they reached customer deposits of £15.1 billion.{{Cite web |last=PYMNTS |date=2024-08-18 |title=UK Treasury Wants Revolut to Go Public on London Exchange |url=https://www.pymnts.com/news/ipo/2024/uk-wants-revolut-to-go-public-in-london/ |access-date=2024-10-18 |website=PYMNTS.com |language=en-US}}{{Cite news |date=2021-07-15 |title=Revolut becomes most valuable UK start-up after £24bn valuation |url=https://www.bbc.com/news/business-57854969 |url-status=live |archive-url=https://web.archive.org/web/20210722003529/https://www.bbc.com/news/business-57854969 |archive-date=2021-07-22 |access-date=2021-07-16 |work=BBC News |language=en-GB}}{{cite news |last1=Metcalf |first1=Tom |last2=Spezzati |first2=Stefania |date=15 July 2021 |title=Revolut Draws SoftBank Investment to Hit $33 Billion Value |url=https://www.bloomberg.com/news/articles/2021-07-15/revolut-draws-softbank-investment-to-hit-33-billion-valuation |url-status=live |archive-url=https://web.archive.org/web/20210726132305/https://www.bloomberg.com/news/articles/2021-07-15/revolut-draws-softbank-investment-to-hit-33-billion-valuation |archive-date=26 July 2021 |access-date=7 August 2021 |work=Bloomberg News}}{{Cite web |title=2023 Annual Report |url=https://cdn.revolut.com/pdf/annualreport2023.pdf |website=2023 Annual Report}} It was also reported that, despite ongoing uncertainty regarding the UK banking license, the company swung to a £25m loss in 2022 after giving out higher wages to staff. This included a near 80% pay jump for its founder and the highest-paid director.{{cite news |last=Makortoff |first=Kalyeena |date=22 December 2023 |title=Fintech firm Revolut hit by £25m loss after rise in staff wages |url=https://www.theguardian.com/business/2023/dec/22/fintech-firm-revolut-hit-by-25m-loss-after-rise-in-staff-wages |newspaper=The Guardian}}

As of June 2024, Revolut has reached 45 million customers globally.{{Cite web |date=2 July 2024 |title=Revolut's revenues surpass $2.2bn, with record profits of $545m in 2023 |url=https://www.revolut.com/en-NL/news/revolut_s_revenues_surpass_2_2bn_with_record_profits_of_545m_in_2023/ |website=Revolut.com}} In August, the company was seen to be preparing for a potential IPO on the Nasdaq in the United States with an expected valuation of approximately £45 billion, although UK politicians were said to be pushing for a London listing.{{Cite news |last1=Quinio |first1=Akila |last2=Dunkley |first2=Emma |last3=O’Dwyer |first3=Michael |date=2024-08-16 |title=UK government woos Revolut as fintech favours US for potential IPO |url=https://www.ft.com/content/96a29be3-97c5-4011-8c96-906a0fd8ddf2 |access-date=2024-08-19 |work=Financial Times}} The company also doubled its headcount over the past two years, employing over 8,000 people in more than 25 countries.{{Cite web |date= |title=2023 Annual Report(Page 20) |url=https://cdn.revolut.com/pdf/annualreport2023.pdf |access-date= |website=Annual Report 2023 |language=en}} The company faced criticism from local Portuguese banks about unfair competition after its subsidiary, "Revolut Bank UAB", was granted a full banking license by the ECB.{{Cite web |last=PYMNTS |date=2021-12-21 |title=Revolut Bank Granted Full EU Banking License Amid Criticisms of Unfair Competition |url=https://www.pymnts.com/digital-first-banking/2021/revolut-bank-granted-full-european-union-banking-license-amid-criticisms-unfair-competition/ |access-date=2024-02-29 |website=PYMNTS.com |language=en-US}} Revolut was also granted a British banking license the following month, though with restrictions via the standard "mobilization" stage.{{Cite news |last=Makortoff |first=Kalyeena |date=2024-07-25 |title=Revolut finally receives UK banking licence after three-year wait |url=https://www.theguardian.com/business/article/2024/jul/25/revolut-receives-uk-banking-licence-after-three-year-wait |access-date=2024-07-29 |work=The Guardian |language=en-GB |issn=0261-3077}}{{cite web |last=Morris |first=Stephen |date=19 May 2023 |title=Revolut in shareholder battle with SoftBank as UK licence talks stall |url=https://www.ft.com/content/e6ff1184-faae-4674-af4a-95321cf9f37b |url-access=subscription |access-date=9 June 2023 |work=Financial Times}}{{cite web |title=Revolut secures UK banking licence after three-year wait |url=https://www.reuters.com/technology/revolut-gets-uk-banking-licence-2024-07-25/ |access-date=25 July 2024 |website=Reuters}}

A report in October 2024 found that Revolut was named in more fraud complaints in the UK than any major bank in the country, sparking a debate on the effectiveness of its security controls.[https://www.bbc.com/news/articles/cj6epzxdd77o 'I lost £165k to fraud in an hour' - customers say they were let down by Revolut]{{cite web |date=14 October 2024 |title=Revolut named in more fraud complaints than any major UK bank last year |url=https://www.manchestereveningnews.co.uk/news/uk-news/revolutnamed-more-fraud-complaints-any-30139808}}[https://uk.finance.yahoo.com/news/revolut-named-more-fraud-complaints-112820922.html Revolut named in more fraud complaints than any major UK bank, report finds] It was stated that many customers had to turn to the financial ombudsman service after falling victim to fraud earlier that year.{{Cite web |last=Lipson |first=Faye |date=2024-04-24 |title=Revolut fraud complaints to Ombudsman outstrip all banks - Which? News |url=https://www.which.co.uk/news/article/revolut-fraud-complaints-to-ombudsman-outstrip-all-banks-aNVWh6O36Jfw |access-date=2024-12-26 |website=Which? |language=en}} By the end of 2024, Revolut reported having 50 million registered users globally.{{Cite web |last=jhaxell |date=2024-11-19 |title=Revolut surpasses 50 million global customers, aims for 100m milestone |url=https://fintech.global/2024/11/19/revolut-surpasses-50m-global-customers-aims-for-100m-milestone/ |access-date=2024-11-20 |website=FinTech Global |language=en-GB}} In 2023, they had over one million daily active users.{{Cite web |title=Revolut Revenue and Growth Statistics (2024)

|date=29 December 2023 |url=https://usesignhouse.com/blog/revolut-stats/ |publisher=SignHouse}} In 2025, figures from the Financial Ombudsman Service showed that Revolut topped the fintech industry for the most complaints.{{Cite web |last=Norman |first=Samuel |date=2025-05-09 |title=Revolut, Monzo and Wise: The UK fintechs slapped with the most complaints |url=https://www.cityam.com/revolut-monzo-wise-the-uk-fintechs-slapped-with-the-most-complaints/ |access-date=2025-05-09 |website=City AM |language=en-GB}}

In May 2025, Revolut announced that it plans to invest $1.1 billion over the next three years to expand in France and officially made Paris as its Western European headquarters, at the 'Choose France' summit by French President Emmanuel Macron.{{Cite news |last=Warrington |first=James |date=2025-05-19 |title=London fintech giant piles £840m into France after criticising UK |url=https://www.telegraph.co.uk/business/2025/05/19/revolut-snubs-britain-for-france-with-850m-investment/ |access-date=2025-05-20 |work=The Telegraph |language=en-GB |issn=0307-1235}}{{Cite web |last=Howcroft |first=Elizabeth |date=May 19, 2025 |title=Revolut plans $1.1 billion French expansion |url=https://www.reuters.com/business/finance/revolut-plans-11-billion-french-expansion-will-apply-banking-licence-2025-05-19/ |website=Reuters}}

The company raised £6.5 million ($8.5 million) in a Series A funding round in 2016. An additional £17.1 million was raised on an equity crowdfunding site.{{Cite web |last=Dawson |first=Freddie |title=Popular Revolut: Financial Disruptor Equity Raise Oversubscribed By £17m |url=https://www.forbes.com/sites/freddiedawson/2016/07/25/popular-revolut-financial-disruptor-equity-raise-oversubscribed-by-17m/ |access-date=2024-03-15 |website=Forbes |language=en}} A year later, $66 million was raised in a Series B funding round. Index Ventures, Balderton Capital, and Ribbit Capital all participated.{{Cite web |last=Dillet |first=Romain |date=2017-07-12 |title=Revolut raises $66 million for its global banking alternative |url=https://techcrunch.com/2017/07/11/revolut-raises-66-million-for-its-global-banking-alternative/ |access-date=2024-03-15 |website=TechCrunch |language=en-US}}

On 26 April 2018, Revolut raised $250 million in Series C funding.{{cite news |last1=Munford |first1=Monty |date=26 April 2018 |title=Revolut launches current accounts and a chatbot |url=https://www.forbes.com/sites/montymunford/2018/04/26/revolut-raises-250-million-at-1-7-billion-valuation-and-targets-100-million-users/ |url-status=live |archive-url=https://web.archive.org/web/20180426123238/https://www.forbes.com/sites/montymunford/2018/04/26/revolut-raises-250-million-at-1-7-billion-valuation-and-targets-100-million-users/ |archive-date=26 April 2018 |access-date=26 April 2018 |work=Forbes}} It had a post-funding valuation of US$1.7 billion, making it a unicorn. In February 2020, Revolut completed a Series D funding round of $580 million that more than trebled its value, valuing the company at £4.2 billion and becoming the United Kingdom's most valuable financial technology startup.{{Cite web |last=Lunden |first=Ingrid |date=2021-07-15 |title=Revolut confirms a fresh $800M in funding at a $33B valuation to supercharge its financial services super app |url=https://techcrunch.com/2021/07/15/revolut-confirms-a-fresh-800m-in-funding-at-a-33b-valuation-to-supercharge-its-financial-services-superapp/ |access-date=2024-03-14 |website=TechCrunch |language=en-US}}{{Cite news |last=Makortoff |first=Kalyeena |date=25 February 2020 |title=Digital bank Revolut becomes UK's most valuable fintech startup |url=https://www.theguardian.com/business/2020/feb/25/digital-bank-revolut-becomes-uk-most-valuable-fintech-startup-cash-injection-airbnb-spotify |url-status=live |archive-url=https://web.archive.org/web/20210607225210/https://www.theguardian.com/business/2020/feb/25/digital-bank-revolut-becomes-uk-most-valuable-fintech-startup-cash-injection-airbnb-spotify |archive-date=7 June 2021 |access-date=25 February 2020 |work=The Guardian |language=en-GB |issn=0261-3077}}

The company achieved unicorn status in April 2018, after receiving €205 million in investments during Series C round funding, which valued the company at over €1.4 billion.{{Cite news |title=Revolut achieves 'unicorn' status following latest funding round |url=https://www.irishtimes.com/business/technology/revolut-achieves-unicorn-status-following-latest-funding-round-1.3473897 |access-date=2024-12-21 |newspaper=The Irish Times |language=en}}

In July 2021, Revolut's Series E raised US$800 million from investors, including SoftBank Group and Tiger Global Management, at a US$33 billion valuation.{{Cite web |title=Report: Revolut Business Breakdown & Founding Story |url=https://research.contrary.com/reports/revolut |access-date=2024-03-13 |website=Contrary Research |language=en}} This made Revolut the leading European startup in terms of valuation.{{Cite web |last=Johansson |first=Eric |date=2022-12-14 |title=Revolut haș passed Checkout.com as Europe's most valuable startup |url=https://www.verdict.co.uk/revolut-has-passed-checkout-com-as-europes-most-valuable-startup/ |access-date=2024-03-15 |website=Verdict |language=en-US}}

As of June 2023, Revolut has raised $1.7 billion in total funding.

In August 2024, Revolut announced a secondary share sale that valued the company at $45 billion, up from its previous valuation of $33 billion in 2021.

Revolut offers banking services including GBP and EUR bank accounts, debit cards, credit cards, currency exchange with over 25 fiat currencies, stock trading, cryptocurrency exchange and peer-to-peer payments.{{cite web |title=Revolut Raises $2.3 Million For Its Mobile Foreign Exchange Service |url=https://techcrunch.com/2015/07/20/revolut-raises-2-3-million-for-its-mobile-foreign-exchange-service/ |author=Dillet |first=Romain |date=20 July 2015 |website=TechCrunch |access-date=11 January 2016 |archive-date=14 January 2016 |archive-url=https://web.archive.org/web/20160114124209/http://techcrunch.com/2015/07/20/revolut-raises-2-3-million-for-its-mobile-foreign-exchange-service/ |url-status=live }} Revolut's mobile app supports spending and ATM withdrawals in 120 currencies and transfers in 36 currencies.{{Cite web |last=PYMNTS |date=2023-12-22 |title=Revolut Reports Revenue of $1.1 Billion in 2022 |url=https://www.pymnts.com/earnings/2023/revolut-reports-revenue-of-1-1-billion-in-2022/ |access-date=2024-04-01 |website=PYMNTS.com |language=en-US}}{{cite news |url=https://techcrunch.com/2018/05/23/revolut-adds-ripple-and-bitcoin-cash-support/ |title=Revolut adds XRP and Bitcoin Cash support |work=TechCrunch |date=2018-05-24 |access-date=2021-04-14 |archive-date=2021-04-16 |archive-url=https://web.archive.org/web/20210416133436/https://techcrunch.com/2018/05/23/revolut-adds-ripple-and-bitcoin-cash-support/ |url-status=live }} Similar multi-currency features are available from competing fintech companies. Revolut's credit card is available in Poland, Lithuania, the United States, and Ireland.{{Cite web |publisher=Monito |title=The Revolut Credit Card: Everything You Should Know |url=https://www.monito.com/en/wiki/revolut-credit-card |first=Jarrod|last=Suda|date=23 March 2023}} Crypto cannot be deposited or spent, only converted back to fiat inside Revolut. Additionally, Revolut banks with Metropolitan Commercial Bank of New York, which does not allow the transfer of fiat money to or from cryptocurrency exchanges.{{Cite web|last=Peters|first=Jay|date=2020-03-24|title=Popular European banking app Revolut is launching in the US today|url=https://www.theverge.com/2020/3/24/21188412/banking-app-revolut-us-launch-mobile-bank|access-date=2021-07-13|website=The Verge|language=en|archive-date=2021-07-15|archive-url=https://web.archive.org/web/20210715055342/https://www.theverge.com/2020/3/24/21188412/banking-app-revolut-us-launch-mobile-bank|url-status=live}}

Users with a personal Revolut account have access to services in some markets including payments and cards, savings, credit, investment and trading, cryptocurrency trading, multi-currency accounts, shared accounts, premium lifestyle features, and donations.{{Cite web |last=Paige |first=Will |title=Revolut joins heated competition to win cut of Europe's booming BNPL market |url=https://www.businessinsider.com/revolut-rolls-out-buy-now-pay-later-product-across-europe-2022-6 |access-date=2024-04-10 |website=Business Insider |language=en-US}}

Revolut complies with the Payment Card Industry Data Security Standard (PCI DSS), a regulatory requirement for financial institutions handling card transactions, which ensures end-to-end security of information and protection of funds.{{Cite web |title=Revolut launches Instant Card Transfers in Singapore |url=https://thepaypers.com/online-mobile-banking/revolut-launches-instant-card-transfers-in-singapore--1263732 |access-date=2024-04-09 |website=thepaypers.com |language=en}} The standards are internationally recognized regulations set to protect cardholder data.{{Cite web |title=Revolut Reader Review |url=https://www.businessexpert.co.uk/payment-processing/revolut-reader-review/ |access-date=2024-04-09 |website=Business Expert |date=14 March 2024 |language=en-GB}}

Revolut Bank UAB, licensed by the European Central Bank, provides deposit account services in 30 EEA markets. Customers in those markets have access to deposit protection of up to €100,000 to their accounts for free. This is covered by the Lithuanian State company Deposit and Investment Insurance.{{Cite web |title=Farewell from AltFi |url=https://www.altfi.com/article/9017_revolut-launches-as-a-bank-in-ireland |access-date=2024-03-26 |website=www.altfi.com}}

As an electronic money institution, Revolut protects funds via Safeguarding.{{Cite news |last=Jones |first=Rupert |date=2020-07-04 |title=Banking apps: what do they offer – and how is your cash protected? |url=https://www.theguardian.com/money/2020/jul/04/banking-apps-what-do-they-offer-and-how-is-your-cash-protected |access-date=2024-03-18 |work=The Guardian |language=en-GB |issn=0261-3077}} Using this process, funds are held at partner banks where they receive the safeguards provided by banking institutions. Revolut will soon be able to directly take customer deposits as part of the FSCS scheme following its approval for a UK banking licence.

Revolut has been subject to criticism and many controversies in the past, such as issues with customer support and long-lasting lockouts,{{Cite news |last1=Venkataramakrishnan |first1=Siddharth |last2=Hollowood |first2=Ella |last3=Noonan |first3=Laura |date=2023-04-06 |title=Fintechs face reckoning over customer service |url=https://www.ft.com/content/da82bae4-5846-499d-9a9e-f6a429fa9528 |url-status=usurped |archive-url=https://web.archive.org/web/20241120014554/https://www.ft.com/content/da82bae4-5846-499d-9a9e-f6a429fa9528 |archive-date=2024-11-20 |access-date=2024-12-21 |work=Financial Times}} as well as anti-money laundering compliance failures,{{Cite web |last=October 2023 |first=2nd |date=2023-10-02 |title=Revolut reportedly in talks with the UK's FCA over AML failures |url=https://www.fintechfutures.com/2023/10/revolut-reportedly-in-talks-with-the-uks-fca-over-aml-failures/ |access-date=2024-12-21 |website=www.fintechfutures.com |language=en-GB}} lack of support for defrauded customers,{{Cite news |last=Brignall |first=Miles |date=2024-04-10 |title=I'm a victim of scammers. But Revolut says 'no' to a refund |url=https://www.theguardian.com/money/2024/apr/10/im-a-victim-of-scammers-but-revolut-says-no-to-a-refund |access-date=2024-12-21 |work=The Guardian |language=en-GB |issn=0261-3077}}{{Cite web |title=Revolut customers say e-money firm failed them after being scammed |url=https://www.bbc.com/news/articles/cj6epzxdd77o |access-date=2024-12-21 |website=www.bbc.com |language=en-GB}} and even claims of ties to the Russian government{{Cite web |date=2022-08-19 |title=Revolut: Could allegations of Russian involvement sidetrack a fintech revolution? - IMD business school for management and leadership courses |url=https://www.imd.org/research-knowledge/finance/articles/revolut-could-allegations-of-russian-involvement-sidetrack-a-fintech-revolution/ |access-date=2024-12-21 |website=www.imd.org |language=en}} which the company strongly denied.{{Cite web |last=Burroughs |first=Callum |title=UK fintech unicorn Revolut forced to deny links to Russia |url=https://www.businessinsider.com/fintech-unicorn-revolut-forced-to-deny-russian-links-in-lithuania-2019-2 |access-date=2024-12-21 |website=Business Insider |language=en-US}}

In March 2019, Wired published an exposé of the company's employment practices and work culture. They found evidence of unpaid work, high staff turnover and employees feeling the need to work weekends in order to meet performance indicators.{{Cite magazine |last=Mellino |first=Emiliano |date=28 February 2019 |title=Revolut insiders reveal the human cost of a fintech unicorn's wild rise |url=https://www.wired.co.uk/article/revolut-trade-unions-labour-fintech-politics-storonsky |url-status=live |archive-url=https://web.archive.org/web/20210901154118/https://www.wired.co.uk/article/revolut-trade-unions-labour-fintech-politics-storonsky |archive-date=1 September 2021 |access-date=1 March 2019 |magazine=Wired |language=en-UK}} A later article in December 2019 by Sifted noted that Revolut had a higher rating than its peers on Glassdoor.{{Cite web |date=18 December 2019 |title=Digital banks Monzo, Revolut, Starling and N26 compared |url=https://sifted.eu/articles/challenger-banks-monzo-starling-revolut-n26-compared/ |url-status=live |archive-url=https://web.archive.org/web/20191023200733/https://sifted.eu/articles/challenger-banks-monzo-starling-revolut-n26-compared/ |archive-date=23 October 2019 |access-date=20 December 2019 |website=Sifted |language=en-GB}}

In June 2020, Wired published a further exposé of Revolut's dismissal of employees during the COVID-19 pandemic, in which employees, particularly in Kraków, were given the choice of being terminated for underperformance or a mutual agreement to leave the company voluntarily, in order to reduce the headline number of 62 redundancies announced by Revolut. The report said "Current and former Revolut employees say staff were coerced into accepting terminations, even though the company had no legal grounds to fire them" and that employees in Porto were pressured into agreeing to a salary sacrifice scheme in order to keep their jobs. According to Wired, in a message sent to the 495-strong customer support team on Slack soon after the salary sacrifice scheme was announced, head of Support Inna Grynova urged them to participate.{{cite magazine |last1=Emiliano |first1=Mellino |date=4 June 2020 |title=Revolut staff claim they've been told to quit their jobs or be fired |url=https://www.wired.co.uk/article/revolut-employment-coronavirus |url-status=live |archive-url=https://web.archive.org/web/20210402062038/https://www.wired.co.uk/article/revolut-employment-coronavirus |archive-date=2 April 2021 |access-date=5 June 2020 |magazine=Wired}}

Revolut, in common with traditional financial institutions, uses algorithms to identify money laundering, fraud, and other criminal activity. Under certain anti-money laundering legislation, if suspicious activities are being investigated, bank staff are not allowed to tell customers why their accounts have been frozen.{{Cite web |date=2023-05-07 |title=The best (and worst) smartphone bank apps – and why Revolut and N26 are beating the incumbents |url=https://www.independent.ie/business/personal-finance/the-best-and-worst-smartphone-bank-apps-and-why-revolut-and-n26-are-beating-the-incumbents/a1030693386.html |access-date=2024-02-22 |website=www.independent.ie |language=en}}

It has been reported since 2020 that Revolut's algorithms suspended accounts for weeks or months at a time after unusual activity was detected. Revolut's policies require customers whose accounts were suspended to request a resolution via in-app chat support.{{cite news |last=Marks |first=Oliver |title=Revolut's clumsy automated bank compliance results in frozen accounts and lack of customer service |url=https://www.zdnet.com/finance/revoluts-clumsy-automated-fintech-bank-compliance-results-in-frozen-accounts-and-lack-of-customer-service/ |access-date=23 February 2020 |work=ZDNet |publisher=CBS Interactive |date=17 January 2019 |archive-date=20 September 2020 |archive-url=https://web.archive.org/web/20200920071300/https://www.zdnet.com/article/revoluts-clumsy-automated-fintech-bank-compliance-results-in-frozen-accounts-and-lack-of-customer-service/ |url-status=live }}{{cite news |last1=Barker |first1=Sam |title=Revolut customers locked out of accounts 'for weeks' |url=https://www.telegraph.co.uk/personal-banking/current-accounts/revolut-customers-locked-accounts-weeks/ |access-date=23 February 2020 |work=The Telegraph |publisher=|date=21 January 2020 |archive-date=26 February 2020 |archive-url=https://web.archive.org/web/20200226214858/https://www.telegraph.co.uk/personal-banking/current-accounts/revolut-customers-locked-accounts-weeks/ |url-status=live }}{{cite news |last1=Palmer |first1=Kate |title=Monzo and Revolut: customer complaints are mounting at digital banks |url=https://www.thetimes.com/business-money/economics/article/monzo-and-revolut-customer-complaints-are-mounting-at-digital-banks-p9fm3xjmj|url-access=subscription |access-date=23 February 2020 |work=The Times |date=8 February 2020 |archive-date=23 February 2020 |archive-url=https://web.archive.org/web/20200223003235/https://www.thetimes.co.uk/article/monzo-and-revolut-customer-complaints-are-mounting-at-digital-banks-p9fm3xjmj |url-status=live }} Revolut said that "the system is programmed to temporarily lock an account and place it in a queue, until one of our compliance agents can review the case".{{cite web |last1=Braileanu |first1=Rob |date=25 June 2018 |title=Why has my account been locked and how to regain access? |url=https://blog.revolut.com/why-has-my-account-been-locked-and-how-to-regain-access/ |url-status=live |archive-url=https://web.archive.org/web/20210902154451/https://blog.revolut.com/why-has-my-account-been-locked-and-how-to-regain-access/ |archive-date=2 September 2021 |access-date=23 February 2020 |website=Revolut |publisher=Revolut Ltd}}

In February 2020, The Daily Telegraph reported that Revolut suspended an account containing £90,000 for more than two months{{cite news |last1=Hunt |first1=Marianna |title=Revolut could face lawsuit from customers locked out of their accounts |url=https://www.telegraph.co.uk/money/consumer-affairs/revolut-could-face-lawsuit-customers-locked-accounts/ |access-date=23 February 2020 |work=The Telegraph |publisher= |date=25 January 2000 |archive-date=25 February 2020 |archive-url=https://web.archive.org/web/20200225062025/https://www.telegraph.co.uk/money/consumer-affairs/revolut-could-face-lawsuit-customers-locked-accounts/ |url-status=live }} and that another customer travelled 500 miles from Auvergne in France to Revolut's London offices in an unsuccessful attempt to recover £15,000 in an account that Revolut had frozen with no justification given.{{cite news |last1=Hunt |first1=Marianna |title=Ex-UCL lecturer forced to travel to London from France in attempts to unblock digital bank account |url=https://www.telegraph.co.uk/news/2020/01/24/ex-ucl-lecturer-forced-travel-london-france-attempts-unblock/ |access-date=27 February 2020 |work=The Daily Telegraph |publisher= |date=24 January 2020 |archive-date=6 March 2020 |archive-url=https://web.archive.org/web/20200306172211/https://www.telegraph.co.uk/news/2020/01/24/ex-ucl-lecturer-forced-travel-london-france-attempts-unblock/ |url-status=live }} The account was later closed and the money in it returned to the customer's other bank accounts.

Also in February 2020, The Times reported that Revolut suspended and later closed a business account containing €300,000 belonging to Priorité Energie, an energy transition start-up company, preventing the company from paying its staff.{{cite news |last1=Dunkley |first1=Emma |title=Nikolay Storonsky's Revolut freezes accounts in money-laundering bungle |url=https://www.thetimes.com/article/nikolay-storonskys-revolut-freezes-accounts-in-money-laundering-bungle-5nt3lv6zk |url-access=subscription|access-date=23 February 2020 |work=The Times |date=23 February 2020 |archive-date=11 January 2021 |archive-url=https://web.archive.org/web/20210111020824/https://www.thetimes.co.uk/article/nikolay-storonskys-revolut-freezes-accounts-in-money-laundering-bungle-5nt3lv6zk |url-status=live }} Revolut publicly apologised and eventually rectified the problem.

There were further reports in 2021 of Revolut withholding clients' funds.{{cite news |last=Joshua |first=Davis |date=28 July 2024 |title=Understanding Revolut Exchange Rate Today |url=https://blueblanks.com/check-revolut-exchange-rate-today/ |publisher=BlueBlanks}}

In 2023, Revolut reported a 35% reduction in APP fraud.{{Cite web |date=31 October 2023 |title=Revolut doubles financial crime headcount since 2021 to combat fraud |url=https://www.rte.ie/news/business/2023/1031/1413840-revolut-doubles-financial-crime-headcount-since-2021/ |website=rte.ie}} However, the company remained one of the most frequently named financial institutions in UK fraud complaints, prompting scrutiny of its security measures.{{Cite web |title='I lost £165k to fraud in an hour' - customers say they were let down by Revolut

|date=14 October 2024 |url=https://www.bbc.co.uk/news/articles/cj6epzxdd77o |publisher=BBC}} The number of complaints of fraud reported to Action Fraud, the UK reporting centre for fraud and cybercrime, by Revolut customers rose from 567 in February 2023 to 1,086 for February 2024.{{cite news |last=Brignall |first=Miles |date=10 April 2024 |title=I'm a victim of scammers. But Revolut says 'no' to a refund |url=https://www.theguardian.com/money/2024/apr/10/im-a-victim-of-scammers-but-revolut-says-no-to-a-refund |work=The Guardian}}

Prior to Revolut having a banking license, complaints were made by defrauded Revolut customers to the Financial Ombudsman, who in some cases required Revolut to reimburse and compensate victims, and remove fraud markers wrongly placed against the individuals.{{Cite report |url=https://www.financial-ombudsman.org.uk/decision/DRN-4189491.pdf |title=Decision Reference DRN-4189491 |date=12 July 2023 |publisher=Financial Ombudsman Service}}

Many financial service customers in the UK have been subject to fraud, but Revolut has been involved in more cases than any major High Street bank, and has a reputation for not reimbursing victims, which full banks are more likely to do. ActionFraud received 10,000 reports of fraud naming Revolut in 2023, 2,000 more than Barclays, one of the UK's largest banks, and twice as many as a competitor bank of similar size to Revolut. That year over 3,500 complaints about Revolut were made to the ombudsman, more than any other financial institution. Consumer organization Which? did not recommend banking large sums of money with Revolut, saying "They have a track record of not reimbursing people who fall victim to fraud or find themselves in this incredibly difficult situation, [and] of money being taken from accounts even after scam activity has been reported."{{Cite news |date=14 October 2024 |title=Revolut customers say e-money firm failed them after being scammed |url=https://www.bbc.co.uk/news/articles/cj6epzxdd77o |publisher=BBC Panorama}}

In April 2025, Revolut got featured in the Forbes World's Best Bank List in UK, Spain, France, Belgium, and Germany.{{Cite web |last=PEACHMAN" |first="RACHEL RABKIN |title=Forbes 2025 World's Best Banks List |url=https://www.forbes.com/lists/worlds-best-banks/ |access-date=2025-05-09 |website=Forbes |language=en}}

== See also ==

• bunq
• Klarna
• Monese
• Aircash
• N26
• Neobanks in Europe
• Openbank
• Wise

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