Revolut addresses WhatsApp rumours of financial difficulties

By Aisling Finn on Friday 20 March 2020

Digital Banking

Revolut rumours of ruin run rampant.

Revolut addresses WhatsApp rumours of financial difficulties
Image source: Nikolay Storonsky co-founder and CEO of Revolut

There has been a wealth of misinformation floating around about the ongoing coronavirus pandemic and it appears that the world of fintech has not been immune to fake news.

Revolut put out a statement yesterday after rumours swirled on Twitter and Whatsapp that the digital bank had run into financial difficulty as a result of the virus.

In the message sent to the bank’s customers, Nikolay Storonsky, co-founder and CEO of Revolut, said: “The Coronavirus pandemic is causing unprecedented movement in financial markets. Naturally, this can be alarming and can allow rumours and false information to spread quickly. To put your mind at ease, I’d like to make Revolut’s position super clear.”

“Last month, we raised $500 million from investors. So I want to make clear that for Revolut it’s business as usual.”

The statement also reassured customers that as a “digital, cloud-based company” all of their staff can work from home and will continue to support customers as much as they can.

Revolut has had a jam-packed year so far, aside from the current situation. 

The digital bank recently became one of Europe’s most highly valued fintechs after a massive $500m Series D funding that saw it valued at $5.5bn.

Following this announcement, the challenger bank has since rolled out several new features for its customers including a new perks feature and introducing gold trading for its Metal and Premium customers just last week.

Revolut has also recently appointed several city veterans to its board, adding to the list of already very experienced board members.

Despite the fake news rumours surrounding the bank, other rumours have been swirling that the digital bank is finally in pursuit of a UK banking licence, having operated in the UK for five years without one.

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