Revolut , which has processed $ 500 m of customer money in just ten months , is seeing 30 % monthly volume growth with 1,500 new customers signing up each day . Revolut is an innovative app that gives travellers interbank exchange rates and eliminates fees on their card purchases . Users upload cash into a virtual bank account which can then be exchanged into 90 different currencies at interbank rates instantly and commission free . Money can be withdrawn , either via SMS and apps such as Whatsapp or spent using a Revolut MasterCard . It differs from P2P money transfer services such as TransferWise in that users do n’t need bank accounts in foreign currencies to exchange and spend money . Its aim will be getting customers to sign up for the card in its quest to dislodge competitors such as PayPal which typically charges in excess of 5 % on forex transactions and to help turn its cash streams into profits . The start - up received FCA approval in January , just six months after filing its application . It now plans to obtain a license to issue its own cards . Currently , 70 % of its customers are based in the UK and the remainder in Europe , however , the start - up , which is in the process of raising £ 10 m , plans to target the US and Australia next .
Revolut, which has processed $500m of customer money in just ten months, is seeing 30% monthly volume growth with 1,500 new customers signing up each day. Revolut is an innovative app that gives travellers interbank exchange rates and eliminates fees on their card purchases. Users upload cash into a virtual bank account which can then be exchanged into 90 different currencies at interbank rates instantly and commission free. Money can be withdrawn, transferred via SMS and apps such as Whatsapp or spent using a Revolut MasterCard. It differs from P2P money transfer services such as TransferWise in that users don’t need bank accounts in foreign currencies to exchange and spend money. Its challenge will be getting merchants to sign up for the card in its quest to dislodge competitors such as PayPal which typically charges in excess of 5% on forex transactions and to help turn its revenue streams into profits. The start-up received FCA approval in January, just four months after filing its application. It now plans to obtain a license to issue its own cards. Currently, 70% of its customers are based in the UK and the remainder in Europe, however, the start-up, which is in the process of raising £10m, plans to target the US and Australia next.