Revolut announced this week the launch of its app and service in the US. The European fintech startup has partnered with Metropolitan Commercial Bank for banking infrastructure — deposits are FDIC insured up to $250,000.
The company has managed to bring more than 10 million customers just in few years by building a payment platform that lets you manage your transactions, send and receive money. Revolut recently obtained a $500 million funding round, valuing the company at $5.5 billion.
Tens of thousands of customers in the US have signed up to the waiting list and now they will have access to the platform’s core features.
Like challenger banks Chime and N26, opening an account with Revolut is done through the phone. After installing the app, you send personal details and official documents and you get an account. You can instantly make bank and card transfers. A few days after initial registration, you get physical debit card. The app gives you an option to generate a virtual debit card.
Revolut allows for direct control of your debt card in the app. You can receive notifications on each transaction, freeze or unfreeze your card, set limits or restrict a feature like online payments or ATM withdrawals.
A key feature provided by the platform is a conversion of one currency to another on interbank rates with a low fee, sometimes without markup for popular currencies and small transactions. Your Revolut account allows you to hold foreign currencies or send money to another user or bank account in another country.
Revolut in US also allows you to receive your salary two days in advance if you share your banking details with your employer.
A ton of additional features are available in Europe, but in the US the company is starting with the basic ones. Other features will become available in the future such as purchasing cryptocurrency and investing on the stock market.
Revolut also offers its European customers insurance of products through the premium monthly subscriptions, mobile phone insurance, savings account, credit, rewards and others. Some of the features require a partnership with third-party company. Those are some of things to look forward to as new features from Revolut in the US.
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