Consumer banking and payments platform Revolut has achieved another major milestone, announcing today that it has reached 361 million customers in Europe and the United States. The London-based company also reported a 277 million euro year-on-year (YOY) growth in gross transaction value (GTV), with a total of 14.5 million users paying for goods or services with the Revolut app. These impressive figures come on the heels of the company’s Series E funding round earlier this month, in which it raised $580 million and became Europe’s most valuable fintech startup in the process. This article will explore how Revolut came to be such a successful business, and look at its plans for continued growth.
What is Revolut?
Revolut is a digital banking platform that offers its users a convenient way to manage their finances. The platform provides a mobile app and website that allow users to track their spending, set up direct debits, and make international payments. Revolut also offers a range of other features such as a virtual debit card, an in-app currency exchange, and a peer-to-peer payments service.
How Does Revolut Work?
Revolut is a digital banking platform that offers users a way to manage their finances through an app. The app allows users to set up a Revolut account and link their bank account, debit card, or credit card to the platform. From there, users can access their account balance, view transactions, transfer money, and more.
The Revolut app is available for both iOS and Android devices, and it is free to download from the App Store or Google Play Store. Once you have downloaded the app and created your account, you will be able to start using all of the features that Revolut has to offer.
What are the Benefits of Using Revolut?
There are a number of benefits to using Revolut, including the following:
1. You can save money on foreign exchange fees.
2. You can hold and exchange multiple currencies in one account.
3. You can manage your account via the Revolut app, which is available for both iOS and Android devices.
4. You can make free international transfers with the real exchange rate.
5. You can use the Revolut Card to make purchases anywhere in the world without incurring any foreign transaction fees.
How to Use Revolut
Assuming you already have a Revolut account, using the app is pretty straightforward. Here’s a quick guide on how to use Revolut to make the most of your money.
1. To top up your account, go to the ‘Accounts’ tab and select ‘Top up’. You can then choose how much you want to add and which payment method you’d like to use.
2. To make a payment, go to the ‘Payments’ tab and select ‘New Payment’. Enter the recipient’s details and the amount you want to send, then review and confirm the payment.
3. To exchange currency, go to the ‘Exchange’ tab and select the currencies you want to exchange as well as the amount. Review and confirm the transaction, and your currency will be exchanged instantly at the current rate.
4. To view your account history or statements, go to the ‘Accounts’ tab and select ‘History’ or ‘Statements’. Here you can see all your past transactions and payments, as well as any pending or completed transfers.
Revolut Recipes
If you’re looking for some creative ways to use your Revolut account, look no further than our Revolut Recipes series! This week, we’re sharing three easy and delicious recipes that you can make using nothing but your Revolut account and a few simple ingredients.
1. Spicy Salmon Sushi Rolls
Ingredients:
-1 sheet nori seaweed
-1/2 cup sushi rice
-1/4 cup Revolut GBP balance
-1 salmon fillet, sliced into thin strips
-1 teaspoon wasabi paste
-1/4 cup pickled ginger (optional)
Instructions:
1. Cook the sushi rice according to package instructions. Let cool slightly.
2. Lay a sheet of nori seaweed on a bamboo sushi mat or large cutting board. Spread the cooked rice over the nori, leaving a 1-inch border at one end.
3. Place the salmon strips, wasabi paste, and pickled ginger (if using) in the center of the rice. Roll up tightly from the end closest to you, using the bamboo mat or your hands to shape it into a compact roll.
4. Slice into 6 pieces with a sharp knife and serve immediately with soy sauce and wasabi paste on the side, if desired. Enjoy!
Alternatives to Revolut
1. Alternatives to Revolut
There are a number of alternatives to Revolut, all of which offer similar features and benefits. Some of the most popular alternatives include TransferWise, N26, and Monese. Each of these companies has its own unique selling points, so it’s worth doing some research to find the one that best suits your needs.
Conclusion
In conclusion, Revolut has seen impressive growth of 361 million euro in turnover year-on-year and a 14.5 million euro increase in net profit for the same time period. This positive financial performance is testament to the success of the company’s product offering, which it has consistently been able to improve upon and expand over the last few years. It will be interesting to see how their business evolves as they continue penetrating new markets around the world with their services.