Revolut will now offer its customers investment at property platform Bricklane; investors can invest in Bricklane tax efficient individual savings accounts for a minimum of 100 British pounds ($122); Bricklane investors receive rental income and capital appreciation from the properties they invest in. Source
Revolut is launching a premium account giving members a range of benefits; the premium account will cost 6.99 British pounds ($8.75) per month or 72 British pounds ($90.10) per year, and will include unlimited money transfer, a premium Mastercard, overseas medical insurance and 24-hour customer support; the digital bank is also launching a crowdfunding campaign on Seedrs for 4 million British pounds ($5.01 million) with investing priority for its first 5,000 premium customers. Source
The challenger bank is working to add bitcoin, litecoin and ethereum; Revolut customers will also be able to transfer cryptocurrencies to others; what makes what they’re working on unique is allowing an instant conversion to happen within the app; typically users must have an account on a crypto exchange where funds are transferred between accounts; the firm is currently testing features with 3,000 customers. Source
UK based banking app Revolut has decided to build their own in-house processor after their provider experienced a number of outages; Revolut follows fellow banking app Monzo in making the move to an in-house processor because of outages; GPS, the processor, serves a number of fintech companies and digital banking apps. Source.
Digital banking app Revolut is looking to embrace the cryptocurrency wave and incorporate features into the app; the new features would let users exchange and use bitcoin as well as other digital currencies; there is no set plan for the new features but Head of Mobile, Edward Cooper, tweeted that potential changes were coming on cryptocurrencies as Crowdfund Insider reports. Source.
Revolut has announced a new partnership with Lending Works that will allow the mobile banking app to offer P2P loans; through the partnership, the app's mobile users can submit loan applications and receive funding; loans will be available for 500 British pounds ($608) to 5,000 British pounds ($6,079) with APRs of approximately 9.9% and Lending Works will use customer data from Revolut in loan underwriting approvals; the partnership is expected to bring a significant amount of new business for Lending Works which was launched in 2014 and has lent a total of 50 million British pounds ($61 million) to consumers. Source
Revolut has partnered with Trussle to offer mortgage loan solutions for its clients; the partnership is the most recent in a series of partnerships for the digital only bank, adding to lending solutions from lenders Lending Works and Bricklane; Trussle will provide a multi-lender service to Revolut customers through technology that can recommend mortgage loans for first time borrowers and suggest alternatives for current borrowers. Source
In an interview with Business Insider at LendIt Europe Revolut CEO Nikolay Storonsky discussed the company’s continued record growth and office culture; he explains, "Nowadays people are all international. Banks are not providing this service. The vision for us is alternative global banking. Anyone in the world can just download the Revolut app and set up a local bank account to access any services they need.”; the interview also touched on the drive of his employees and his kite surfing hobby. Source.
Revolut is the latest company to apply for a European Banking License; their competitors Monzo and Starling Bank are already licensed; the company expects to have the license in the first half of 2018 which will allow it to offer deposit and credit services in certain markets. Source
Open Banking is set to launch in Europe next month. As banks and fintech firms rush to ensure compliance we...