Overview

Revolut is a British financial-technology company founded in London in 2015 by Nik Storonsky and Vlad Yatsenko. It began as a mobile application and prepaid card designed to let customers spend abroad and exchange currencies at rates close to the interbank rate. The original proposition addressed a familiar problem for international travellers: conventional banks often imposed opaque foreign-exchange spreads, overseas transaction fees and cumbersome account administration. Revolut initially offered access to multiple currencies through a single app and card, then expanded into a broader digital-finance platform. The company added subscription plans, personal current-account functionality, business accounts, international transfers, budgeting tools, payment cards, lending, insurance-related services, investment products and cryptocurrency trading. Revolut Business, introduced in 2017, gave companies multi-currency accounts and payment capabilities. Its consumer proposition developed from a travel-money product into a digital banking alternative, with free and paid tiers differentiated by limits, benefits and premium services. A major institutional turning point came when Revolut obtained an electronic-money and European banking licence through the Bank of Lithuania and the European Central Bank in 2018. The licence enabled it to accept deposits and offer credit in relevant markets, although some investment activities required separate permissions. Revolut began migrating customers in parts of Europe from e-money arrangements toward bank accounts and local IBANs, including an Irish branch migration announced in 2023. The company later received a full UK banking licence in 2024, initially subject to the mobilisation phase and restrictions. International expansion accelerated after 2018. Revolut entered or tested markets including Australia, Singapore, the United States and Japan, while continuing to build its European base. It also broadened its investment platform from US-listed shares to European stocks, exchange-traded funds and, in the United Kingdom, a stocks and shares ISA. Crypto services became subject to increasing regulatory oversight, and Revolut suspended US cryptocurrency trading in 2023 amid a changing regulatory environment. The brand is positioned as a convenient, mobile-first and internationally oriented alternative to traditional retail banking. Its appeal rests on a single application combining payments, foreign exchange, savings, cards, transfers and investment features. At the same time, the company has faced criticism over customer-service delays, account suspensions, fraud handling, workplace culture and anti-money-laundering controls. These issues have been particularly significant because algorithmic monitoring can restrict access to accounts while investigations are conducted. Revolut remains privately held and has pursued additional banking and payments permissions in markets outside Europe. Its long-term strategy is to operate as a multi-market financial institution rather than only as a travel-card provider. The company’s business scope now spans consumer banking, business finance, payments, foreign exchange, lending, securities and digital assets, with the precise availability of products varying by jurisdiction and regulatory approval.

History

Revolut was established in July 2015 by Nik Storonsky and Vlad Yatsenko. Its first product was a mobile application connected to a prepaid card, allowing UK and European Economic Area users to spend abroad and exchange money across numerous currencies. The early proposition was deliberately narrow: reduce the cost and friction of international spending. By 2016, the company reported approximately 300,000 users and nearly £1 billion in processed transactions. In 2017, Revolut introduced subscription plans and launched Revolut Business for companies in the United Kingdom and Europe. Business customers could hold, exchange and transfer funds in multiple currencies through a multi-currency account. The company applied for an EU banking licence in November of that year and also began developing payment-processing capabilities. The European Central Bank and Bank of Lithuania granted Revolut an EU banking licence and an electronic-money institution licence in December 2018. This allowed the business to accept deposits and provide consumer credit within the relevant regulatory framework. The licence marked a transition from a travel-focused payments application toward a wider banking platform. Revolut subsequently announced an expansion plan covering additional international markets, supported by card-network relationships with Visa and Mastercard. The application expanded into Australia, Singapore, the United States and Japan between 2019 and 2020. Revolut also developed investment services, including in-app trading of US-listed shares, and later added European equities, exchange-traded funds and other investment products. In November 2020, the company said it had reached break-even and was valued at approximately £4.2 billion. It applied for a UK banking licence and a US bank charter in 2021; the ECB later granted it a full banking licence. From 2022 onward, Revolut increasingly operated as a bank in Europe. It launched banking services in ten European countries in January 2022 and announced the transfer of Irish customers to a local Irish IBAN in 2023. Local IBAN arrangements were subsequently introduced in other European markets. Crypto services also became more formally regulated in the UK after the Financial Conduct Authority added Revolut to its register of authorised cryptoasset businesses in 2022. The company later expanded European stock trading and offered additional savings and investment products. Growth was accompanied by scrutiny. Reports described prolonged account freezes, customer-support problems, alleged weaknesses in anti-money-laundering controls and concerns about fraud reimbursement. A 2022 cyberattack exposed customer data, while a payment-system defect in the United States caused substantial corporate-fund losses. Revolut also faced criticism of its employment culture and questions about historical links involving Russia; co-founder Nik Storonsky opposed Russia’s invasion of Ukraine and renounced his Russian citizenship in 2022. Revolut continued seeking permissions beyond Europe. It obtained an Indian prepaid-payment-instrument licence in 2025, announced plans to invest in France and made Paris its Western European headquarters. It also pursued banking or payments licences in markets including Israel, the United Arab Emirates, Peru, Mexico, Australia and the United States. The company remains privately held and continues to combine consumer banking, business finance, payments, foreign exchange, investment and digital-asset services under one mobile brand.

2024
UK banking licence granted
[1]Revoluten.wikipedia.org
The company receives a UK banking licence, initially with mobilisation-stage restrictions.
2022
European banking transition begins
[1]Revoluten.wikipedia.org
Revolut starts operating as a bank in ten European countries.
2018
European banking licence granted
[1]Revoluten.wikipedia.org
Revolut receives banking and electronic-money permissions through the European Central Bank and Bank of Lithuania.
2017
Revolut Business launches
[1]Revoluten.wikipedia.org
The company introduces subscription-based business accounts with multi-currency holding, exchange and transfer functionality.
2015
Revolut is founded
[1]Revoluten.wikipedia.org
Nik Storonsky and Vlad Yatsenko establish Revolut as a mobile foreign-exchange and international-spending service.

Products and positioning

A mobile-first, internationally oriented digital banking platform combining payments, foreign exchange, spending, saving and investment services in one application.

Digital banking · 2015
Revolut Personal
The core consumer product is a mobile account supporting payments, cards, transfers, budgeting, currency exchange and selected savings or credit services. Availability, protection and account features vary by country and licence structure.
Business banking · 2017
Revolut Business
A business-finance platform for holding, exchanging and transferring multiple currencies. It is designed for companies operating across borders and can provide multi-currency account details, payment tools and related administrative features.
Investment services · 2019
Revolut Trading
In-app investment services began with selected US-listed shares and later expanded to European stocks and exchange-traded funds. UK customers can also access a stocks and shares ISA using eligible ETF products.
Cryptocurrency · 2017
Revolut Crypto
Revolut provides cryptocurrency buying, selling and custody-related functionality in selected jurisdictions. Its crypto offering has been adapted as regulators have increased oversight, and availability differs between markets.

Controversies

2025
Regulatory concerns over product approvals
The European Central Bank reportedly restricted aspects of the European business and required an independent review of risk governance, staffing and expertise in product approvals.
Source
2023
US payment-system losses
A defect in the US payments system enabled criminal groups to divert approximately $20 million from corporate funds; some money was subsequently recovered.
Source
2022
Customer-data cyberattack
A cyberattack exposed personal information associated with more than 50,000 customers.
Source
2020
Customer account suspensions
Customers and journalists reported accounts being frozen for extended periods during automated fraud or money-laundering reviews, including cases involving personal and business funds.
Source
2019
Workplace culture allegations
Reporting described allegations of unpaid work, high turnover and pressure to work weekends. Later reporting presented more favourable employee-review evidence, leaving the issue contested rather than conclusively resolved.
Source

Marketing campaigns

2019International expansion programme
Australia · Singapore · United States · Japan · Europe
Revolut used card-network partnerships and its European banking infrastructure to enter additional consumer markets and broaden its international digital-banking proposition.
Outcome. Expanded the brand beyond its original UK and European travel-money audience.
Source

Brand decisions

2024
UK banking licenceStrategy
Background
Revolut sought to move from a fintech and e-money model toward direct banking operations in its home market.
Action taken
It obtained a UK banking licence subject initially to mobilisation-stage restrictions.
Aftermath
The licence created a route toward UK deposit-taking and consumer-credit services under banking regulation.
Source
2023
Expansion of European stock tradingProduct launch
Background
Revolut had already offered selected US share trading and sought to deepen its investment proposition.
Action taken
The company expanded trading access to European stocks for customers in the European Economic Area.
Aftermath
The app became a broader retail-investment platform alongside its banking and payments services.
Source
2018
Transition toward licensed bankingStrategy
Background
The original prepaid-card and foreign-exchange model was being expanded into deposit-taking and credit.
Action taken
Revolut obtained European banking and electronic-money permissions through Lithuania and the ECB.
Aftermath
The company gained a regulatory foundation for a broader banking platform.
Source

Recent events

2024
Revolut receives a UK banking licence[1]Revoluten.wikipedia.org
Regulation
The company received a British banking licence, initially under restrictions associated with the mobilisation stage.
2022
Revolut begins operating as a bank in ten European countries[1]Revoluten.wikipedia.org
Other
The company began moving parts of its European customer base from an electronic-money model toward bank-account arrangements.
2018
Revolut obtains a European banking licence[1]Revoluten.wikipedia.org
Other · Product launch
The European Central Bank, facilitated by the Bank of Lithuania, granted Revolut banking and electronic-money permissions, enabling deposit-taking and consumer-credit activities in applicable markets.