Apple and iOS users in the United States can now gain access to a number of financial services through European fintech giant Revolut. Customers who sign up for an account will have up to $250,000 in deposits FDIC insured through the company’s partnership with New York-based Metropolitan Commercial Bank.
London-based Revolut, which has amassed a user base of 10 million customers in Europe since its inception in 2015, gives mobile users access to a long list of financial services on their smartphones, including an equity trading platform and a fiat currency exchange.
The company’s expansion in the US is designed to support the digital economy, which is focused on offering financial services on-the-go without needing to access physical bank branch locations.
Revolut’s multi-currency mobile app aims to be comprehensive in scope, helping people manage their money and all of their everyday financial transactions, from budgeting meals to making online payments to ATM withdrawals, through a list of rich mobile features. Revolut services now available for mobile users in the US
Spending and sending money abroad at the real exchange rate
Holding and exchanging 28 currencies in the app, including British pounds, Canadian dollars and the euro
Physical debit card
Setting up a virtual debit card from the app
Salary deposits via direct deposit at no cost, FDIC insured up to $250,000
Built-in budgeting feature
Sending and requesting money from friends and other Revolut users
Beyond the company’s core services, users in the US can expect a roll-out of additional features that are already available in Europe, including cryptocurrency and stock trading, reports TechCrunch. The app first added Bitcoin trading for its European users in 2017.
As a player in the digital economy that caters to the mobile habits of Millennials, Revolut has raised $836 million. It completed its latest Series D round of $500 million in February. The company is currently valued at $5.5 billion.
Source: The Daily HODL