Revolut: Britain's First Digital-only Bank Unicorn
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Case Code: BSTR572 Case Length: 15 Pages Period: 2000-2019 Pub Date: 2019 Teaching Note: Available |
Price: Rs.400 Organization: Revolut Industry: - Countries: Themes: Digital Banking, Digital-only Bank Unicorn, App-based Banking, European Banking Industry, FinTech Start-up, Start-up Unicorn, Vertical-Industry Structure, E-Money, Mobile Banking, Evolution of Start-ups, Location-triggered Travel InsuranceEvolution of Start-ups, Traditional Banking |
Abstract Case Intro 1 Case Intro 2 Excerpts
Introduction
In April 2018, United Kingdom (UK)-based Financial Technology (FinTech) company Revolut Ltd. (Revolut) became a startup unicorn – a company valued at over $1 billion – after raising US$ 250 million (£179 million) in Series C funding . Launched in 2015, Revolut had started with a funding of US$3.5 million from investors. In July 2015, the company launched a mobile application (app), followed by its first product – a pre-paid debit card called 'Revolut Standard Card’ that allowed customers to conduct transactions abroad without paying foreign transaction fees and exchange rate commissions. In February 2017, Revolut added current accounts to its product line and allowed the customers to get a personal International Bank Account Number (IBAN) free of cost. In March 2017, the company also launched a Premium Card service focusing on wealthy customers....
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