Crypto-friendly investing app Revolut launches in the US
London-based Revolut, which offers banking, cryptocurrency, and stock trading services via its mobile apps, has officially launched the U.S.
Announcing the news on Tuesday, Revolut said U.S. users will now be able to send, receive, spend and manage money from a single app.
Users will also be able to get their salary up to two days in advance via direct deposit at no cost, said Revolut. Those deposits are insured for up to $250,000 by the Federal Deposit Insurance Corporation (FDIC), the firm added.
Revolut’s U.S. partner is New York-based Metropolitan Commercial Bank. Notably, Revolut’s apps have been in beta in the U.S. since June 2019 and is said to have 60,000 beta testers. While overall, it claims to have more than 10 million users.
While Revolut has launched its banking app in the U.S., it reportedly plans to offer commission-free stock trading and crypto trading in the near future.
Revolut is a heavily-funded fintech startup. The firm has raised $836 million in total since its founding in 2015. Last month alone, Revolut raised $500 million in a Series D round that values it at $5.5 billion.
