European fintech company Revolut Ltd has announced today that it will be launching its digital banking app and more services in the United States. The company has given green light to thousands of United States customers who were in the pipeline waiting for its services to launch in the country. In order to offer better services to its customers, Revolute has partnered with Metropolitan Commercial Bank.
According to a report from TechCrunch, the U.S. customers’ deposits will be insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000. However, the company will not initially offer its crypto trading functionality. The company made a strategic partnership with MasterCard and Visa back in October, hence its tremendous penetration in new market space.
Back in Europe, the company enjoys a huge reception of about 10 million customers, who actively use the neobank and the smartphone app. Since 2017, the company has been offering its customers a chance to exchange cryptocurrencies, whereby, it supports Bitcoin, XRP, Ether, Litecoin and also Bitcoin Cash.
According to the Director of Marketing at the company, Chad West, the company will be rolling out more services gradually in the newly United States market. This includes major news on cryptocurrency services in the coming weeks.
The company has been making huge moves recently, whereby, it raised $500 million in a funding round, hence making it valued at $5.5 billion.
Benefits of Revolut Coming to the United States
The launch has coincided with the coronavirus outbreak that is pushing more Americans into total lockdown. As a result, the federal government has been advising people to make use of digital payments, which have reduced transaction fees. In the United States, the deadly COVID-19 has infected 33, 404 and killed 400 people by March 23.
Revolut is set to take advantage of this period to win as many customers as possible. For U.S. customers, they will be able to top up their accounts through a bank transfer or a card transfer. Besides, the users will be able to get a physical debit card after a few days. On the brighter side, they will be in a position to generate a virtual debit card from the app.
The most amazing feature on the app is the ability of the user to control the debit card directly from the app. This allows the user to either freeze or unfreeze their card, in addition, the user will be in a position of setting transaction limits and also restricting certain features. Revolut will also allow users who have shared their account details to the employer to receive their salary two days in advance.