Building a global money super app with Revolut
Background
Established in 2015, Revolut is a global money super app, allowing customers to send and spend money instantly and securely anywhere in the world. Users can use the multi-currency RevolutCard™ to make purchases in over 90 currencies, and transfer money in-app or via social networks – all at the touch of a button via mobile device. It’s like having a local bank account wherever you are with a streamlined and transparent user experience.
Challenge
The Revolut team set out with a clear goal in mind – to build a fair and frictionless platform to use and manage money around the world.
To bring this vision to life, they needed to challenge hidden banking costs, and eliminate reliance on the old-fashioned banking industry.
However, Revolut faced hostility from the major UK banks, many of whom were reluctant to provide bank accounts for money service businesses.
To overcome this, the young and energetic entrepreneurial team required a partner that could not only deliver the technical expertise and industry know-how, but that understood the fast-growth, ambitious company culture.
Partnership
Currencycloud is the engine inside Revolut’s “one touch’, powering the international movement of money by offering:
A shortcut to the market
Currencycloud enabled Revolut to make its vision a reality, negotiating the unwieldy compliance process with the banks, and allowing for quick bank account set up across multiple countries.
Guaranteed transparency
Currencycloud enables Revolut to provide real-time exchange rates and instant currency conversion, to avoid surprise fees for customers.
Support on standby
As a fast-growth business, Revolut has relied heavily on Currencycloud’s dedicated relationship manager. Following a swift implementation, they know they always have a point of contact on hand to solve any queries along the way.
Results
Global impact – in nine months since launch in July 2015, Revolut had over 160,000 customers across the globe. Saving customers an average of €30-40 on a €500 spend, Revolut were processing 30,000 transactions per day, with an average of €40-60m per month.
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