10 years ago

Revolut Secures $2.3 Million to Expand Mobile Foreign Exchange Services

  • Revolut, a British startup that offers a mobile app for foreign exchange and payment services, has raised $2.3 million from Balderton Capital and Seedcamp

  • Revolut provides an app that allows users to exchange money at interbank rates and pay with a Revolut debit card in 23 different currencies

  • The startup claims that it will keep all services free for users for the next 12 months and will make money through MasterCard transaction fees

  • Revolut differs from other peer-to-peer money transfer services like CurrencyFair and Transferwise, as it allows users to transfer money between two existing bank accounts

  • Revolut's service could be particularly beneficial for travelers who do not want to open yet another bank account.

      • ProblemFinancial Services

      "Paying high exchange fees when traveling around the world is a pain."

      Solution

      "Revolut offers a mobile app and optional debit card that allows users to exchange money at interbank rates, avoiding high exchange fees when traveling. The app lets users create virtual bank accounts in different currencies, top up their accounts using credit or debit cards, and exchange money instantly."

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