Revolut is based in the United Kingdom, received 4.8 million dollars in seed financing round with big investment fund Index Ventures to lead and participate together with other investors, such as: Balderton Capital, Seed Camp, Point Nine and Vemrex among others.
Revolut combines an electronic wallet, a Mastercard Debit card (virtual and normal) and global money transfers without fees, something like greek VivaWallet.
The account opened by the person is associated with an application on Smartphones and of course with the debit card. This means that immediately, even here in Greece, we can have a UK debit card which is not subject to Capital Controls and we can use it to PayPal or wherever without restrictions.
Money in Revolut can be send via a credit card or bank transfer.
The company although founded in July 2015 has 100,000 users who have transferred 100 million Dollars and have saved 10 million dollars in fees. The service enables payments in 90 currencies and transfer funds in 23 currencies.
The new funding will be used to cover more currencies and to expand into other countries by supporting additional languages.