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Business and development are growing extensively with the trends of globalisation unifying countries across the world. The focus on financial growth has led to the inception of various new trends and applications that have revolutionized the field, simplifying it and making it accessible to people. Revolut is one such application that has produced radical changes in the Fintech sector in the United Kingdom. The commonly associated questions associated with Revolut are “How does Revolut Work?” and “How does Revolut Make Money” and here are a few insights on Revolut.
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Revolut Business Model
Revolut was founded in 2015 by Nikolas Storonzky and Vlad Yatsenko with its bold mission statement “To turn the Financial sector on its head”. The founders with their extensive background in the field of banking and experience in building financial systems for tier-one investment banks, designed Revolut to fill the lacunae in the field of Fintech. Their core aim was to prevent wastage of money in foreign transaction fees and exchange commission fees which they aimed to achieve by providing users with a multi-currency card that handled their transactions in different currencies without creating a disadvantage for the users.
Revolut allows the free international transfer of money and fee-free global exchange at the interbank exchange rate. It also lets its users handle and transact using currencies like Bitcoin, Ethereum etc. making it feasible for its users. The ease of registering and use of Revolut has attracted users all across the world to its multiple features and capabilities.
How Does Revolut Work?
People who get to learn about Revolut often have various questions like “How does Revolut work?” and “How does Revolut make money?”. You can make an account at Revolut within 60 seconds and enjoy the vast array of features it offers. Revolut allows users to hold and handle 25 currencies while allowing you to spend abroad with no fees in over 130 currencies with Visa or Mastercard. It provides you with instant spending notifications and helps you budget your expenses.
The application has been designed to be highly secure and can control contactless/wireless transactions etc protecting the interests of its users at all times. It also provides a device and travels medical insurance for their users, guiding them to use insurance policies for their lives. Premium accounts also have access to exclusive card designs, overseas medical insurance, airport lounges and 24/7 customer support.
The various features offered by Revolut have attracted users in the Fintech sector to its facilities, making it grow tremendously within short periods. Money deposited in the Revolut is safeguarded at Barclays or Lloyds, guarding your money as per regulatory requirements. You will be able to claim your funds from your Revolut accounts even if Revolut becomes insolvent, ensuring the safety of your money. Revolut allows you to direct your salary directly to your bank account by setting up your IBAN and hand it over to your employer.
How Does Revolut Make Money?
Revolut makes money primarily through the premium and metal accounts and through a commission from merchants who pay a nominal fee whenever transactions are done using the Revolut card. Revolut also makes money whenever users top up their bank accounts or want to speed up their transactions to friends or business needs. Users are also charged for excessive ATM withdrawals and transactions over set money limits. Revolut also earns money when users deal with other currencies as 1-1.5% of their transactions.
The online bank has seen an incredible surge of growth with huge funding from investors all over the world. It has centres all over the world in places like London, Moscow, St. Petersburg and Revolut also plans to expand over to North America, Asia, Middle East etc. The bank makes around 6000-8000 transactions per day dealing with over 1.8 million customers per day showing utilitarian growth of banking beyond conventional banking shocking people who wonder about the question of “How does Revolut work?” and “How does Revolut make money?”.
Conclusion
The world has become a highly competitive place with people focusing on financial and business growth and development. The Fintech sector is rapidly growing with new applications and technology revolutionizing the field. Revolut, true to its name, is one such great innovation that has simplified banking for people across the world making it easy to handle transactions in various currencies. It allows users to make international money transfers for free cutting down on expenses making it very useful for business transactions and order across the world. We need to learn and put to use a wide variety of facilities that come with modern applications to empower ourselves and simplify our lives.
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