Member Article

Revolut takes step closer to neo-bank status with Prime-style premium subscription

London-based FinTech startup, Revolut, has taken another step closer to becoming a fully fledged neo-bank after launching another new financial product and announcing a new £4m crowdfunding campaign as part of its upcoming Series B round.

The digital payments and financial services company is introducing its Amazon Prime-style Premium Account today, which will allow users to exchange an unlimited amount of currency at the interbank rate for a flat fee of £6.99 per month.

Complementing Revolut’s current account service, the 12-month membership offering also offers double the normal ATM limit compared to its Basic accounts and allows users to spend, transfer and exchange as much money as they like via the app and contactless Mastercard.

The FinTech business has also said that further perks and benefits will be introduced as the service develops, as it looks to hit aggressive growth and user acquisition targets this year.

Commenting on the new service, Revolut’s Chief Technology Officer, Vlad Yatsenko, said: “With Revolut we introduced three things: we removed exchange rate markups for travelers, we eliminated fees to transfer money globally and now we are making it unlimited, by introducing Premium with a single annual membership.”

The company is also offering the first 5,000 users who sign up to its new premium subscription service the chance to gain priority access to its newly announced £4m crowdfunding campaign which is set to launch soon on Seedrs.

Forming part of Revolut’s Series B funding round, the crowdfund follows on from the firm’s wildly successful £17m campaign last year which was 1000% oversubscribed.

Staking a claim for the digitally engaged, Millennials market, Nikolay Storonsky, Founder and CEO, said that the FinTech upstar was building a ‘21st century finance alternative’ geared towards modern global lifestyles.

He said: “From day one we set out to revolutionise what millennials had come to expect from the incumbents, like crazy fees when you spend money abroad, and take the user experience far beyond banking.

“Revolut Premium will be an all-you-can-eat membership program for a new generation of digitally-driven demanding consumers who feel disengaged from their current financial service providers.

It has already been a busy start to the year for the payments business after it launched its current account service in January, quickly followed up by partnerships with Bricklane and peer-to-peer lender, Lending Works.