Revolut is all set to disrupt the financial services space by providing a personal money cloud, a service with a differentiated value proposition in the market. It would allow one to exchange currencies at interbank rates, send money through social networks, and spend with a multi-currency card accepted anywhere. All of this is done using an optimally designed mobile application with an interface that’s quite seamless to use.
The startup was established with the goal of completely removing all hidden banking costs. Whenever we spend money with our banking card or send money in a foreign currency, we are hit with banking charges hidden in the exchange rate. Revolut is of the view that such charges should not exist. The team at Revolut believes that there is no difference between email and money transactions and both are just digital messages.
With this ideology, the company is bringing features that can radically change the way you handle money. The company aims to bring fairness in financial services and offer a great user experience simultaneously. To cite an example, Revolut can enable you to pay with Bitcoin at any merchant through the Revolut multi-currency card.
The Multi-Currency card: Using the multi-currency card, you can pay in Euros, in dollars or even with Bitcoin if required. The card provides an ideal way to avoid all hidden banking fees and thus save a substantial amount of money. The multicurrency card is connected to the cloud wallet with multiple currencies. If there is a need to exchange different currencies, one can do so instantly at interbank rates bypassing the banks themselves.
Here is a video illustration on Revolut:
The video illustrates the following features that the personal money cloud has integrated:
- Send money to anyone in any currency, for free.
- Send money via Facebook and Whatsapp.
- Pay with a multi-currency card.
- Send money via email and SMS.
As highlighted in the video, Revolut offers a dedicated app as a one stop solution for money transfer, travel money, currency exchange, etc. The company is currently running an offer for money cloud beta users whereby it is offering them a one year subscription for free.
Revolut received seed funding of $500,000 in June this year. Revolut has also been selected to demo at Finovate Europe, a conference for financial innovations from young startups, to be held early next year.