Revolut’s US launch will include a salary advance feature

24 Mar 2020659 Views

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Image: Revolut

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Revolut has launched in the US with new features such as salary advances and FDIC insurance up to the value of $250,000.

Today (24 March), London-based fintech giant Revolut officially launched in the US, introducing new features to users across 50 states. Last year, the company announced plans for its US expansion with Mastercard.

Since launching in 2015, Revolut has raised more than $800m in funding and has attracted 10m customers. The firm employs around 2,000 people globally, with US offices in New York and San Francisco.

The fintech platform will now be available in the US on iOS and Android. Revolut said that it will be introducing new features including a salary advance and Federal Deposit Insurance Corporation (FDIC) insurance up to the value of $250,000.

Getting set up in the US

In a statement, Revolut said that from today, users in the US can set up a Revolut account and have it verified within a matter of minutes. Once their personal details are approved, they will receive new account details, which can be used to make payments and deposit a salary.

Customers will be able to access their salary up to two days in advance via direct deposit, according to the company. US customers will also receive the same spending notifications that existing Revolut users have, offering information on how money was spent and options to help with budgeting.

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Nik Storonsky, founder and CEO of Revolut, said: “As the cost of living increases disproportionately to people’s take-home salaries, now more than ever, people need to know exactly what is coming in and out of their account. They should have the tools to help them manage their money more conveniently and accurately.”

Transferring money

With the fintech platform, US customers will now be able to spend and transfer money globally at the interbank exchange rate. Users can also withdraw cash from more than 55,000 ATMs in the US and around the world without fees with a Revolut premium account, or with transparent fees using a standard Revolut account.

The UK company added that its business has not been badly impacted by global disruption seen in recent weeks due to the spread of Covid-19. The firm said that “as a digital, cloud-based company” it does not operate physical branches.

Revolut said: “As people worry about loved ones around the world, Revolut allows customers to transfer money abroad without any hidden fees. Revolut advises customers to make digital-only payments.

“All Revolut cards are fully contactless and we support both Apple and Google Pay. We are continuing to conduct comprehensive modelling and stress tests to evaluate potential impacts of spikes in customer activity.”

Kelly Earley is a journalist with Siliconrepublic.com

editorial@siliconrepublic.com