Date founded: 2015
Founders: Nikolay Storonsky and Vladyslav Yatsenko
With a business model that sees users charged the commission-free market exchange rate, and revenue brought in via merchant fees from Revolut card transactions, the platform has been a hit with users. In 2015, the company’s customer base grew at 500 users a day, and Revolut users’ transactions on the system totalled over $150m in less than a year. Investors have also quick to see the potential of the company, which is shaking up money transfers. Storonsky and Yatsenko closed their company’s seed funding in February 2016, having raised a total of £3.2m from backers including Balderton Capital, Seedcamp and Point Nine to fund their firm’s expansion. Having people behind them who have previously invested in successful tech disruptors like Facebook, Zopa and Citymapper seems likely to propel the duo to further success. The company’s base at Level 39 in Canary Wharf also puts them at the heart of London’s financial ecosystem. And with the market for international remittances worth an annual $582bn, and tourists spending close to $1000bn abroad every year, the industry they are shaking up is certainly one where successful disruptors could make huge gains.
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