United Kingdom fintech Revolut officially launches its banking app in the US

Revolut launches banking app in US

Revolut launches banking app in US

The app has already proven incredibly popular in Europe where it has picked up more than 10 million users, while 60,000 people in the US have been beta testing the service since last June.

Revolut, one of Europe's hottest fintech startups, is launching in the U.S. In partnership with NYC-based Metropolitan Commercial Bank, the virtual banking service offers a one-stop app where users can spend, send, receive, and control cash flow from their Revolut account. Those features aren't available at launch in the US, but Revolut is working to bring them over where possible. Revolut customers can send and request money to each other for free, split a bill and round up every card purchase to the nearest dollar and stash away their spare change. Monzo has taken a slow approach to its USA launch, rolling out gradually across the U.S., but Revolut is available for everyone in the United States starting today.

The service allows customers to open an account by downloading a mobile app and uploading documents within a few minutes.

Users will also be able to get their salary up to two days in advance via direct deposit at no cost, said Revolut. "They should have the tools to help them manage their money more conveniently and accurately".

Revolut offers a mobile app, a debit card and a slew of worldwide payment options.

With the fintech platform, USA customers will now be able to spend and transfer money globally at the interbank exchange rate.

For online payments, Revolut offers a disposable virtual card, whereby virtual card details are refreshed each time a transaction is made online.

What's more, your account is insured for up to $250,000 by the Federal Deposit Insurance Corporation.

Customers can also freeze and unfreeze their card from within the app, and turn on and turn off payment functionalities, such as contactless, swipe, online payments and ATM withdrawals for added security.

Revolut is a UK-based challenger (online) bank that has been in business since mid-2015.

Revolut advises customers to make digital-only payments. The company also raised quite a bit of funding; just last month, Revolut raised $500 million at a $5.5 billion valuation. Revolut backers include Ribbit Capital, Index Ventures, DST Global and TCV.

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