Revolut launches app in Sri Lanka, Chile, Ecuador, Azerbaijan and Oman
Fast-growing fintech Revolut has officially began operating in new five countries with the soft launch of a streamlined version of its app in Sri Lanka, Chile, Ecuador, Azerbaijan and Oman.
The simple app version enables its users to make zero-free P2P money transfers between customers in 50 countries using 30 currencies. Revolut has opened a waitlist for the app, which doesn’t charge fees for money transfers between Revolut accounts. However, a 1% fee to non-Revolut bank accounts will apply for all other transactions.
The process will only take customers a few minutes from within the app. Revolut says the arrival of bank status provides users in the eligible countries with wide range of products and services. Internal transfers complete instantly between Revolut accounts, while transaction with external wallet take up to one working day.
Vlad Yatsenko, Revolut chief technology officer, comments: “Traditional transfers can sting customers with hidden fees, but we’re waiving all our transfer fees if you’re both on Revolut – no matter where you are. Additionally, we’re always offering the best possible exchange rate that we can – something we’re extremely proud of.”
“Revolut is redefining how to send and receive money by simplifying the process of international transfers, offering competitive fees, and always providing the best possible exchange rate,” he added.
Revolut was valued at $33 billion
The expansion comes a few weeks after Revolut rolled out protected deposit accounts for its 1.7 million customers in Ireland.
Irish users can upgrade their status for additional services and to have their deposits of up to EUR100,000 protected under the deposit guarantee scheme in Lithuanian. The specialised bank licence also allows Revolut to provide limited banking services via its app.
After launching in Ireland, the Fintech unicorn is now operating as a bank in 29 markets across the European Economic Area.
The British-born startup is confident that the move would yield more business after a survey showed that 50% of respondents would deposit their salary on Revolut and 54% would spend more via the app if they had their deposits insured.
Revolut, which offers banking and trading services through an app, raised $800 million last year in a funding round that valued the firm at $33 billion. This valuation was a sixfold increase compared to nearly $5.5 billion the UK firm was worth in 2020.
Revolut has been among a number of app-only fintech companies that are looking to branch into banking as they diversify their revenue stream and bring new services to their existing customers.
The new business roll-out comes as the market for Fintech firms offering alternatives to traditional banks has become fiercely competitive. Revolut is already going up against other established rivals, such as Stripe, which recently expanded its portfolio of partner banks that have signed on to offer co-branded banking services.