Q.1. What's your company and (or) product called?
Revolut – The Global Money Platform
Q.2. What kind of customer is your product for (and you can’t say everyone)?
Our customers are tired of poor exchange rates, and are looking for a fair and frictionless way to spend and send money around the world.
They are travelers, tech fans, business men & women, freelancers, students, expats, members of a tribe in Madagascar, pensioners and online shoppers. You name it!
Q.3. How does your product help people?
Revolut aims to inject fairness and freedom into the financial market combined with a great user experience.
Usually people buy currencies from foreign exchange services that sell them below the interbank rate (the rate banks use to exchange between each other) to make a profit. Most banks also add a spread (more info on spread here) to the rate when spending or sending money abroad and apply a load of hidden charges.
Revolut is the transparent global money app enabling the user to seamlessly exchange, spend and send money at the interbank exchange rate. Revolut gives you a MasterCard so you can pay like a local around the world or online. With over 90 supported currencies - you never have to bother with an exchange bureau again.
Q.4. How does it work? (lets not get too technical here…)
Download the Revolut App from the Apple or Google Play store, set up an account in under 5 minutes and request a Revolut MasterCard straight to your door.
Next, top up your Revolut account in GBP, USD or EUR instantly by linking your debit card on the app. That’s it - when you use the Revolut MasterCard abroad your balance is auto-converted to the local currency at the perfect interbank rate. You can also exchange between currencies on the app to lock in a great rate.
Send money to a bank anywhere in the world in multiple currencies, or to a friend by WhatsApp, SMS or email. Top up a friend’s Revolut card instantly just by having their mobile number saved in your phone.
Q.5. What else can you tell us about it?
Since launching in July 2015, Revolut has 120,000 active users and has transacted over $215 million. We are growing at an average of 1,000 users per day.
Q.6. What does the future hold for Revolut?
Revolut aims to become the only account people will need to spend or send money.