What Is Revolut?
Revolut is a mobile banking startup that aims to create a seamless interaction between traditional currencies like the dollar and cryptocurrencies. This means that a person using this application can buy and sell cryptocurrencies in exchange for any of the 25 leading fiat currencies in the world.
Who Is Behind Revolut?
Revolut was founded by Nikolay Storonsky, an internet entrepreneur. He started this business with an aim of bringing efficiency into the cryptocurrency space. That’s why his company is all about cutting on transaction costs, as well as creating a seamless conversion between cryptocurrencies and fiat money.
Is Revolut Well-funded?
Revolut is well funded, with a backing of more than $90 million from investors. On top of that, Revolut is a highly scalable first growth business, which means funding will never be an issue. It is unlikely to go bust anytime soon.
What Market Gap Is Revolut Looking To Fill?
Over the last few years, cryptocurrencies have gained traction, both as investments as well as a mode of transactions. However, cryptocurrency transactions are very expensive and extremely time consuming. Revolut aims to bring these costs down through a flat rate commission system, in a highly transparent environment.
When Will Revolut Hit The Global Market?
Revolut is expected to officially start offering its services to a global audience on the 7th of December 2017. Upon launch, clients with a Revolut debit card can use it to make purchases or engage in any other currency related functions all across the world.
How Will The Revolut Debit Card Work?
The Revolut debit card will operate like any other debit card, but with one added advantage. It will allow consumers to convert their cryptocurrencies into fiat money, whenever they run out of money in their debit cards.
What’s Revolt’s Competitive Edge?
Unlike other platforms, Revolut is transparent in its pricing. It intends to charge a flat rate of 1.5% for all transactions, which is a break from other platforms that have variable charges of between 5-9%.
With Revolut, customers should also expect to spend fiat currency without incurring any extra foreign exchange fees, since the system automatically converts cryptocurrency into fiat currencies at prevailing rates.
Why Revolut Is Expected To Be A Success
One of the ways to test whether a business idea will be a success, it to gauge the level of customer expectation pre-launch. In the case of Revolut, the pre-launch reception is great, with $1 million worth of transactions from 10,000 clients taking place during the testing phase.
Other Metrics That Point To Revolut’s Success
The company has successfully offered its services in Europe for the last 2 years. In this period, it has brought in more than 1 million users. In total, the company has handled over 42 million transactions saving customers more than $160 million in transactional expenses.
What Is The Current Demographic Of Revolut Users?
Revolut is aiming for techies who have already developed a strong knowledge of cryptocurrencies. These are people who have already tested cryptocurrencies, and understand the challenges, especially cost-related challenges.