In recent years, the online finance sector has been one of the sectors that has undergone the most changes: new business models, technologies and services that have revolutionized a classic world dominated by financial institutions. One of the new players that came into play to revolutionize the European fintech scene was revolution, a company with seven years of experience behind it that continues to grow in Europe. It currently has more than 20 million customers worldwideof which one million are in Spain and take advantage of its services to carry out more than 250 transactions per month.
What is Revolut?
Revolut was launched in July 2015 with an ambitious mission: turn the banking industry upside down. Through their personal and business accounts, they enable their customers to improve their financial health, while giving them control and connecting people around the globe. Likewise, they present a complete catalog of services, which allows them to accompany their clients throughout their life cycle, from adolescence to retirement.
With Revolutusers can create a current account from the app in 60 seconds, spend abroad in more than 30 currencies without commissions, receive their salary in advance, send free national and international transfers with the real exchange rate and buy, store and sell cryptocurrencies, among many other possibilities.
2018, the golden year of Revolut
While Revolut had seen notable achievements in previous years, such as the $15 million Series A round in 2016 or the Series B round of 66 million in 2017along with the launch of Revolut Business, Revolut Premium and Crypto Trading in the European Economic Area, it was in 2018 that fintech gained the most momentum.
in April 2018Revolut announced the closing of a new one worth 200 million euros, which managed to raise its valuation to 1,400 million, reaching the category of . The round, from Series C, was led by Global DST, one of the main investment groups in internet companies worldwide. New and existing investors of first line and international relevance also participated in the round, among which stand out Index Ventures and Ribbit Capital. This latest injection raises the total amount raised by the company to the €280 million since the company launched less than three years ago.
In February 2018 officially announced that it had reached break-even thanks to the dizzying growth achieved by the company since December. A fact for which he confesses, the rapid and constant launch of innovative products has been key. The British fintech explained that the monthly transaction volume had reached $1.5 billion per month.
Revolut also broke records in the first few months of 2018 when it came to user acquisition, going from 1 million to two million users in June. Thus, in Revolut it was estimated that between 6,000 and 8,000 new clients were registered each daya figure that far exceeded many of the most relevant traditional banks.
A company in constant growth
The British fintech has been gaining ground on traditional banking over the years, registering a considerable increase in active users, since its creation in 2015 and its stellar takeoff in 2018. But its achievements were not the flower of a day, nor were they remained at that time, but in recent years Revolut has continued to grow.
In 2019, the company expandedstepping into Australia and Singapore and opening new business opportunities. During this year, they were also released: Tradinga fractional share service and donationsin association with charities from different parts of the world.
A year later, in 2020, Revolut arrived in the United States and Japan. The company continued to grow, but not only did it reach more countries and people, but it also continued to present novelties. That same year there was also a Series D round valued at $580 million.
already in 2021they closed again new round funding this time Series E and 800 million dollars. On the other hand, they also released staysa function integrated into its app through which to facilitate the management of vacation reservations, and an option to Payroll advancewith which customers can manage their expenses as they wish and withdraw their income in advance.
Revolut Pay, online payments just a click away
Revolut’s latest novelty is fresh out of the oven. This September 12, the fintech announced its new secure online payment solution: Revolut Pay. The purpose of this new feature, available to merchants and customers in the European Economic Area and the United Kingdom, is to renew the payment ecosystem, offering a simplified payment system on product pages, cart and checkout.
This system facilitates direct payments while ensuring user security. Payments are validated through features like Face ID or fingerprint unlock, and there’s no need to share any account numbers. A set of characteristics that, in addition, prevent fraud.
Revolut Pay also gives users options to get cash back as you shopwhich works as another incentive that enhances the experience that the tool offers.
Platforms like Shopify or Prestashop are already using this toolwhich will be available to more providers, such as flight booking company FlyGo, in the coming months.
How Revolut Pay works
Managing Revolut Pay is easy, users can make their payments via saved cards or directly from your Revolut account balance. If you are not a registered Revolut user, you can pay just as easily, using Mastercard or Visa cards issued by any other provider.
The agility offered by Revolut Pay will be a ally for both merchants and buyers, reducing the rate of cart abandonment. That sad percentage of consumers who end up rejecting their desire to buy due to the obstacles found in the payment process will be greatly reduced by finding a system that is neither long nor confusing. In addition, the shops who use Revolut Pay will be able to accept payments with low commissions in more than 20 currencies.
Features and benefits of Revolut Pay
Among the characteristics of this new online payment solution we find:
- A fast and frictionless way to pay.
- The best security, as it uses two-factor authentication when necessary.
- Low transaction fees with no hidden or monthly fees.
- With Revolut Pay, funds are cleared directly into the merchant’s Revolut Business account within 24 hours at no additional cost.
- SMBs can add it to their web and mobile checkout pages and be up and running in minutes via easy-to-install Revolut plugins.
- For larger companies and startups, we offer a set of easy-to-integrate API plugins and SDKs (Software Development Kits) that allow businesses to get up and running in a matter of days.
- There is the option to incentivize customers with money back on their purchases.
On the other hand, as stated by Nikolay Storonsky, Founder & CEO of Revolut: “With its speed, convenience, security and low price, Revolut Pay offers sellers a competitive advantage in a rapidly growing e-commerce market. At Revolut, we’re constantly striving to make it faster, easier and cheaper for merchants of all sizes to accept payments, wherever they are, and for customers to pay more conveniently and securely. That’s why we launched Revolut Pay.”
The most attractive features of Revolut
Since Revolut introduced Revolut Business in 2017, it has continuously developed new services to improve the experience of its customers. Among them, we find more than 20 products aimed at boosting business conversions and helping them manage their finances effectively.
1. Revolut Business
Since we’ve mentioned it, let’s start with . It is a financial app for companies that rapidly improves the way start-ups, scale-ups, and large businesses accept and make payments, manage their expenses, and make it easier for their teams to work. Today there are already thousands of companies that use this solution.
2. Revolut and Bitcoin
Revolut customers have the possibility to exchange major electronic currencies: Bitcoin or . The exchange process is instant, like top up your Revolut account in any currency, and then exchange it for cryptocurrencies. Something that takes only 30 seconds and that makes fintech one of the fastest and easiest ways to buy, sell and send cryptocurrencies.
3. Book stays for your trips with Revolut
From hotels of the type bed & breakfast to luxury chains, with this you can book and manage your stays around the world easily from the app. Plus, it allows you to earn up to 10% cash back, and you’ll also enjoy exclusive exchange rates and zero booking fees.
Other possibilities offered by this service are: being able to split the account without stress or defer payment until you arrive at the establishment.
4. Direct debits in Revolut
In March 2018, Revolut announced the addition of automated payments via direct debit through your app. Until then, Revolut allowed all its users in Europe to transfer money from their account using SEPA and SWIFT payments, but always initiated from the user’s account. However, thereafter, it allows them to transfer money quickly, automatically and recurring without having to worry about sending the funds each month. A solution designed for the payment of monthly bills and invoices, although it should be noted that, for now, only supports euros and pounds sterling.
5. Disposable virtual card to eliminate online fraud
Revolut users can create single-use virtual cards in seconds, and your card details will be automatically regenerated after each transaction. Something that adds security to your online purchases and will protect you from fraud in your payments over the Internet.
Disposable virtual cards are available together with customizable security features within the Revolut ‘app’, such as: the possibility of blocking the card or the option of enabling spending limits.
6.Revolut Reader
In July this year, Revolut announced the launch of a payment terminal with card reader baptized as . This device is designed to allow any merchant to accept payments anywhere, instantly and securely. These transactions can be made with credit cards, debit cards or payment methods…
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