In recent years, the neobank Revolut has become the great sensation of the Spanish financial market with a proposal that proposes to help “spend, save and send money more intelligently” to its more than 45 million individual users spread across 160 countries. . The simplicity of the operation, the flexibility in its benefits, the competitive commercial conditions and the convenience of use from any smartphone are part of its arguments, all of them duly secured.
Among other magnitudes, the entity has half a million corporate clients and works with 36 different currencies, doubles its income from one year to the next – with more than 2,000 million euros in 2023 -, and reaches a valuation higher than the 40,000 million euros, which places it in top ten in its sector in Europeahead of references such as Lloyds, Barclays or Nordea.
the bank founded in 2015 by British-nationalized Russian businessman Nik Storonsky and British-Ukrainian software engineer Vlad Yatsenko It currently boasts of having created “a platform so simple, fluid and free of borders” that it encourages anyone who tries it to never use another financial app again. As they emphasize, the secret of their success is summarized in the constant improvement of their products “to make them faster, better and smarter.”
The same fintech starred in a quality leap in Europe in 2018 after achieving the banking license. This document allows the entity to operate and provide services as a financial entity throughout Europe. Last year, Revolut achieved Spanish IBAN which allows it to operate as a conventional bank in the country, including services such as current accounts, consumer loans and a commission-free investment platform.
Promotional aggressiveness
Under the claim ‘your bank to the beast’, Revolut also offers its clients to immerse themselves in the world of cryptocurrencies with simple transfers, from a single site and with commissions starting at 0%. It also brokers stock investment in 3,000 US and European listed companies, with “zero custody or withdrawal commissions.”
For those who register on the app before the end of October, the accounts offer remuneration at an interest rate of 3.56% APR paid daily on funds deposited into the account. To date, the company offers five contracting models, from ‘Standard’ (freeto send money from abroad or control expenses with the application’s tools), to the proposal ‘Ultra’, 45 euros per month, aimed at those interested in enjoying “perks valued at over £4,000 in annual benefits”, as well as the availability of a platinum-plated card, with an annual cost of 540 euros . Between both proposals, Revolut offers the plans ‘Plus’, 3.99 euros per month, with daily expense protection, as well as ‘Premium’ (8.99 euros per month) and ‘Metal’, 15.99 euros per month.
The accounts offer remuneration at an interest rate of 3.56% APR for customers who register before the end of October
Nik Storonsky highlights his team’s talent of “people working side by side with an honest and ambitious culture” as the keys to offering products and services that customers like. “Our code of conduct establishes the principles that must guide the ways in which we behave and the decisions we make, always always in the best interest of our clients, communities, people and shareholders at all times.” In this way, Its corporate ‘catechism’ is based on five pillars: Act with integrity; work to achieve good results for clients; behave with due competence, care and diligence; be transparent and collaborate with regulators; and comply with appropriate standards of market conduct.
Revolut recorded revenues of €2 billion last year, a year-on-year increase of 95%, and a record pre-tax profit of €495 million. In the first half of 2024, the company has recorded an annual increase in revenue of more than 80%as well as better profitability.
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