Revolut

What is Revolut and what do they do?

Revolut is a financial technology company that provides an app-based platform for banking and payment services. Founded in 2015, it offers a range of features designed to facilitate travel, personal finance management, and business transactions. Revolut’s core offerings include multi-currency accounts, international money transfers, cryptocurrency trading, stock trading, and payment solutions for businesses.

The platform allows users to hold, exchange, and transfer multiple currencies at interbank rates. It also offers a debit card linked to the user’s account, which can be used globally. Revolut provides additional services like budgeting tools, spending analytics, and insurance options, making it a comprehensive financial tool for both individuals and businesses.

To cater to specific business needs, Revolut has created a business account feature, which includes tools for expense management, integration with accounting software, and the ability to manage international payments efficiently.

Who is it for?

Revolut primarily targets tech-savvy individuals who seek a modern banking experience and businesses looking for cost-effective payment solutions. Its features are particularly appealing to digital nomads, frequent travelers, and expatriates due to its ease of currency conversion and international money transfers.

In terms of business users, Revolut caters to startups, small and medium enterprises (SMEs), and freelancers. The platform adapts well to industries that require rapid international transactions or straightforward expense management. Businesses in e-commerce, travel, and digital services commonly utilize Revolut's offerings to streamline their financial processes.

Why do businesses choose Revolut?

Businesses choose Revolut for several verified strengths and benefits:

• Low fees on international transfers: Revolut provides fee-free exchanges between supported currencies, often at more competitive rates than traditional banks.
• Instant account setup: Creating a business account can be done quickly and without cumbersome paperwork.
• Integrated expense management tools: Users can manage employee expenses directly through the platform, maintaining control over spending.
• User-friendly interface: The app's design allows businesses to manage finances seamlessly, which can save time and reduce operational stress.
• Global accessibility: With strong multi-currency support, businesses can conduct transactions internationally without the need for multiple banking relationships.
• Focus on security: Revolut offers additional business features such as user permissions and spending limits, enhancing control over business finances.

Businesses using Corefy can simply obtain a MID from Revolut and connect it to Corefy’s dashboard in a few clicks, without dealing with any integration work.

Is Revolut trustworthy?

Revolut operates under financial regulations that provide a degree of assurance regarding its operations. The company is registered in the United Kingdom and is authorized by the Financial Conduct Authority (FCA) as an electronic money institution. This regulatory oversight ensures that customer funds are treated with care.

Revolut employs industry-standard encryption and security measures, such as two-factor authentication, to safeguard user accounts. Additionally, it provides customers with virtual cards, which can be used for online purchases, enhancing security further by reducing the risk associated with physical card use.

The company continually updates its services to stay compliant with evolving financial regulations in various jurisdictions, providing users with confidence in its operational integrity and security protocols.