Revolut Bursts onto London Fintech Scene

Another London financial technology startup is making headlines with its innovative services.

Revolut, a mobile and cross-country payment platform announced a large capital raising round was launched last week.

The latest announced from Revolut continues the pattern of fintech companies, in particular online payment processors, who are launching capital raising rounds in London.

Revolut is an app-and-card based system that allows users to make purchases globally and in various currencies.

After downloading the app and signing up, the user will receive a prepaid MasterCard which can be used in dozens of countries across the world.

Purchases in foreign currencies will be converted into the users’ home currency at the interbank rate, which is the current foreign exchange rate.

Usually banks and FX brokers do not offer the interbank rate to clients and instead charge them less than ideal exchange rates.

Revolut generally does not have any added charges or fees, with the exception of a fee when users withdraw more than £500 per month from ATMs.

There are many foreign payment processors and FX broker fintech firms popping up onto the scene, especially in London.

Revolut hopes to appeal to consumers by offering the interbank rate on foreign transactions.

“We hope to close very soon we’ve already had a few offers from investors, it’s just a question of getting the right price and the right investors. We will be raising £10 million,” said found Nikolay Storonsky.