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Tag: Revolut

British challenger bank Revolut launches accounts for children

British challenger bank Revolut launches accounts for children

Finance
Revolut, one of Europe's biggest fintech (financial technology) firms, has launched a "money management" product for children, which can be monitored by parents via the app.The online-only bank, which claims more than 10 million users worldwide, announced Wednesday it was launching Revolut Junior, an app aimed at kids between the ages of 7 and 17. The accounts will come with their own bank card for the child to use.Revolut was founded in 2015 and has added features like cryptocurrency trading and savings products to its app over the years in an effort to become profitable. However, Revolut's losses doubled in 2018 to £32.8 million ($ 42.4 million).Initially, Revolut Junior will only be available to the children of U.K. Premium and Metal customers – those who pay for the two top-tier a...
Early Spotify backer TCV in talks with $7bn Revolut

Early Spotify backer TCV in talks with $7bn Revolut

Business
One of the early-stage backers of Spotify, Airbnb and Netflix is in talks to invest hundreds of millions of dollars in Revolut, the British-based digital payments and banking group.Sky News has learnt that Technology Crossover Ventures, or TCV, is proposing to commit a substantial proportion of a $ 500m (£385m) equity-raising being assembled by Revolut. The company, which is also seeking to raise $ 1bn of new debt, wants to secure the new funding at a valuation of between $ 7bn (£5.4bn) and $ 8bn (£6.2bn), according to insiders. Image: TCV was an early backer of music streaming service Spotify If it manages to do so, it would make Revolut Europe's most valuable fintech business.Sources said this weekend that the talks were ongoing and...
Revolut targets $1.5bn to join fintech elite

Revolut targets $1.5bn to join fintech elite

Business
British-based digital payments and banking group Revolut is trying to raise $ 1.5bn (£1.2bn) from investors as part of a quest to become one of the world's most highly-prized fintech companies.Sky News has learnt that Revolut has hired investment bank JP Morgan to orchestrate both a $ 500m (£395m) equity-raise and the issuance of a $ 1bn (£790m) convertible loan in the coming months. If successfully completed, it would catapult the business into the ranks of technology companies which have secured individual funding rounds in excess of $ 1bn (£790m).Sources said this weekend that the company, led by founder and chief executive Nik Storonsky, would target a valuation from the capital-raising of between $ 5bn (£3.9bn) and $ 10bn (£7.9bn) - which would make it the most valuable fintech player...
Revolut whistleblower had concerns over CEO conduct and compliance

Revolut whistleblower had concerns over CEO conduct and compliance

Technology
The Financial Conduct Authority has made enquiries into currency transfer firm Revolut after being contacted by a whistleblower, the BBC has learned.The ex-employee told the FCA in 2016 about concerns they had over compliance and the conduct of the firm's chief executive, Nikolay Storonsky.The FCA informed the whistleblower via email that "our investigation is now coming to a close", a year later.Revolut told the BBC this is the first it has heard of the complaint.The financial technology company bills itself as a "digital banking alternative", although it does not have a UK banking licence. The firm does have an e-money licence which allows it to operate.The company provides app-based accounts to millions of customers and allows...
Fintech start-up Revolut grabs 2 million users and plans to launch commission-free trading service

Fintech start-up Revolut grabs 2 million users and plans to launch commission-free trading service

Finance
Financial technology firm Revolut now has 2 million users signed up to its platform and is planning to launch a commission-free trading service. The London-based start-up said Thursday that its trading platform, called "Wealth," would let users invest in a range of firms listed publicly in the U.K. and the U.S., in addition to other instruments including exchange-traded funds (ETFs) and options. ETFs are securities that let traders invest in a basket of assets such as shares or bonds. Options are contracts that give investors the right — but not the obligation — to buy or sell an asset at an agreed price and date,...