If Amazon Built a Bank

Revolut gives a nod to Prime as the game-changing financial services platform and today launches its Premium Account

If Amazon built a bank, it would look a lot like Revolut. Today, the London based startup announces its Premium Membership, edging even closer to neo-bank territory as it continues to develop revolutionary financial services and solutions for the digital generation, and its 550,000 strong customer base across 42 European countries.

Revolut’s Premium membership disrupts the international transfer space entirely, enabling its customers to send millions in 23 currencies globally for just £6.99 per month. TransferWise currently charges between 0.5% and 2.5% per transaction.

The first 5,000 customers to sign up to Revolut Premium will also receive priority access to invest in the company’s upcoming investment round on the UK’s leading crowdfunding platform, Seedrs, a £4 million crowdfund campaign which will be part of their larger Series B round.

Revolut’s CTO Vlad Yatsenko describes the new Premium Membership as ‘the banking sector’s equivalent to Amazon Prime’ and says: “With Revolut we introduced three things: we removed exchange rate markups for travelers, we eliminated fees to transfer money globally and now we are making it unlimited, by introducing Premium with a single annual membership.”

Revolut Premium is like a bank account tailored to a modern and global lifestyle. In addition to the existing current account, with features that include spending categorisation, bill splitting, budgeting control and the ability to freeze your card any time, any place, Premium takes it up a notch.

A 12-month membership to Revolut Premium will cost £72, but like Prime, customers can expect frequent add-ons as the product evolves, with the following free services available immediately:

●      Premium members can use the Revolut app & contactless MasterCard© to spend, transfer & exchange an unlimited amount of money anywhere in the world at the interbank exchange rate without fees

●      A new Revolut Premium Mastercard© with 3 custom designs to choose from with free express delivery anywhere in the world, plus a spare card which can be activated at any time in the app

●      Overseas medical insurance

●      Double the ATM limit vs Revolut Basic

●      Exclusive 24/7 digital customer support

 Nikolay Storonsky, Founder & CEO, Revolut: “Revolut is building a 21st century finance alternative designed for a global lifestyle. From day one we set out to revolutionise what millennials had come to expect from the incumbents, like crazy fees when you spend money abroad, and take the user experience far beyond banking. Revolut Premium will be an all-you-can-eat membership program for a new generation of digitally-driven demanding consumers who feel disengaged from their current financial service providers.”

Revolut has ramped-up product development this year as it seeks to hit aggressive growth and monetisation targets. In January, the company launched current accounts that allow customers to have their salaries paid into their digital account. In February, they partnered with property investment platform Bricklane to offer a Property ISA product and last week launched instant credit via a partnership with peer-to-peer platform Lending Works.

 The 2017 funding round will take place almost a year after Revolut raised £1 million from the crowd with 10,000 investors registering for the chance to back the fintech firm, pledging in excess of £17 million, leaving it 1000% oversubscribed. For this reason, Revolut has increased this year’s crowdfund target to £4 million to give customers and new members the opportunity to invest alongside Revolut’s larger venture capital investors.

Those keen to back the fast-growing startup can reserve a spot in the round by being amongst the first 5,000 customers to sign up for Premium. You can check out how many Premium Investor spaces are left at: www.revolut.com/premium.