Business & Finance

UK Based Payment Provider Revolut Wants To Expand To More Products

Revolut Ltd, one of the growing FinTech companies in the world is looking to spread out to cater more products and add more regions of service. This comes as a part of the firm’s challenge to upend the costumer financial sector. Revolut serves as a multi-dimensional payment platform, with concurrent services available in digital banking that includes a pre-paid debit card (MasterCard or VISA), currency exchange and as a cryptocurrency exchange.

According to Country Manager Revolut Dimitris Litsikakis, Revolut possess an invariable ability to access a variety of services on its platform and shared belief that the organization has a long way to go. He was talking to BlockPublisher’s media partner EAK TV at the Decentralized 2018 event in Athens.

Litsikakis said the team’s ability to integrate various services on the same platform and make the onboarding process hassle-free was a key driver of growth. He stated:

We’re just getting started. Anyone can sign up and start trading cryptocurrencies in less than 5 minutes. We’ve got a broad range of integrated services that promise convenience. A user can buy crypto, insure their device, and send fiat currency across borders seamlessly.

The crypto functionality presently available on the Revolut app is limited to major tokens like Bitcoin, Ethereum, Litecoin, Bitcoin Cash and Ripple which can be exchanging to/from 25 fiat currencies. The platform currently charges no fees for the majority of its services (but for a capped usage), and uses exchange rates as those of the interbank exchange for its currency exchanges.

Revolut, launched in an incubated named Level39 in London back in 2015 has majority of its market based in the United Kingdom with over 1 million users. That number is followed by France and Poland where extensive growth has been seen of late. Dmitris seemed coy on further outreach and shared the company’s plan to become involved in Malta, which is touted as the “Blockchain Island”. He revealed:

Malta, for example, has a lot more crypto penetration and what’s happening there is very exciting. In my opinion, they’re leading the way.

The London-based startup was founded by Nikolay Storonsky and Vlad Yatsenko and currently supports spending and ATM withdrawals in 120 currencies while aiming to expand to a user base of over 100 million.

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Razi Khan

Researcher, Electrical Engineer and a teacher, Razi is one who takes great intrigue in the prospects of blockchain and cryptocurrencies (BTC in particular) while contributing a critical approach over the subject regularly. Email: razi@blockpublisher.com or contact the editor at editor.news@blockpublisher.com

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