Revolut takes another step to becoming a fully-fledged bank

By Ryan Weeks on 15th March 2018

Challenger Banks

The digital bank has launched direct debits for European customers.

Revolut takes another step to becoming a fully-fledged bank

Digital banking giant Revolut has taken another step towards becoming a genuine banking alternative with the launch of direct debit payments.

The London-based fintech, which now has over 1.5 million customers to its name, has rolled out the feature for all of its European customers. Those customers will now be able to automate payments from their account on agreed dates for such things as phone bills, electricity bills, subscription services and so on. Users of Revolut were already able to transfer money via SEPA and SWIFT.

Revolut rocketed to fame on the back of an app-based currency exchange service which massively lowered fees for users. Many thousands of customers later, the banking challenger recently became the first British neo-bank to break even, according to reports. It is currently in the process of applying for a European banking licence.  

Starling Bank and Monzo Bank, both of which carry banking licences, already offer direct debit payments as part of their current account offerings.

“We’re delighted to provide our European customers with even easier ways to automate their payments and stay in complete control of their finances,” said Revolut’s founder and CEO, Nikolay Storonsky. “We’re always striving to improve our product for our customers, combining technology and creative thinking to respond to the needs of our customers and make it even easier for them to make payments.”

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Companies in this Article:

Starling Bank
Revolut
Monzo