Revolut has changed significantly since launching in 2015 as mobile foreign exchange solving a major pain point for consumers through its free, no-fee foreign currency exchange at the interbank rate.
Since then, the London-based start-up has has widened its product offering into new areas such as cryptocurrency, insurance and savings. It has applied for a European Banking licence, and announced that it is looking to expand its presence to the U.S., Canada, Singapore, Hong Kong, Australia and New Zealand within months.
Revolut currently supports over 120 currencies and, at June 2018, has over 2M active users who have transacted over $1.5bn. In April 2018, it announced a Series C funding of $250M, led by DST, Ribbit and Index Ventures.
In June 2018, Revolut announced that its trading platform, called "Wealth," would let users invest in a range of firms listed publicly in the U.K. and the U.S., in addition to other instruments including exchange-traded funds (ETFs) and options.