By Emily Nicolle on 10th May 2018
After raising a whopping $250m last month, the fintech unicorn has its eyes set on the future with some feature successes.
Vaults allows users to round up their purchases, and save the spare change in any of its 25 supported currencies in a segregated section of their Revolut account. The fintech has said that it has seen users save in all of its supported currencies, with the most popular choices being Euros, British Pounds and Polish Zloty.
Users can also save in Revolut’s supported cryptocurrencies, which currently includes Bitcoin, Litecoin and Ether. Due to the success of its crypto efforts, the banking app has also recently announced that it will be adding Bitcoin Cash (#BCH) and Ripple (#XRP) to its roster in the next four weeks, after rumours circulated back in February.
Speaking at an event last week, Revolut’s head of mobile Ed Cooper commented that the two new additions were chosen as they were the most requested currencies by Revolut users. Users will be able to trade in Bitcoin Cash and Ripple in exactly the same way as the other three cryptocurrencies, and also save with them via Vaults once they are released.
Other new upcoming features include a multiplier function for Vaults, where users can choose to increase their round ups anywhere from 2 to 10 times, and a “lock” where they can turn off round ups in a similar style to a 48-hour grace period. An already announced addition will be the ability to donate the contents of their Vault to a selected charity each month.
Revolut’s second premium offering, a metal card which will provide users with 1 per cent cashback in any of its 25 currencies, is also on the horizon. Preparations are also underway for an imminent US, Canada and Australia launch, after the banking app raised a $250m Series B last month and saw its valuation skyrocket to $1.7bn, making Revolut the UK’s first digital banking unicorn.
Now in its sixth year, the AltFi London Summit returns on 18th March 2019 to 155 Bishopsgate. Last year proved to be a crucial turning point for the key players building the future of finance. Leading platforms launched oversubscribed IPOs, digital banks proliferated and mainstream financial institutions started their own disruptive propositions. With 2019 certain to be another landmark year, more questions will be asked by regulators with investor interest in disruption also poised for more rapid growth.