Tag: Revolut

Revolut is certainly one of the FinTech pioneers with a strong foothold in the Gen Z segment. It continues to redefine digital banking, achieving record-breaking growth in users, revenue, and profitability. With a strong focus on innovation, global expansion, and a highly anticipated IPO, Revolut is positioning itself as the world’s first truly global bank.

The cyberfinance rating agency RatEx42 just published an explosive report. A toxic web of regulatory violations, money laundering risks, and consumer exploitation has been exposed in Germany’s underground gambling scene – with 20Bet at its core and Revolut allegedly fueling its operations. Fresh evidence suggests a brazen disregard for EU gambling laws, AML protocols, and Germany’s strict GlüStV regulations45.

TThe UK-based fintech giant Revolut celebrates reaching 50 million global customers, solidifying its position as a fintech powerhouse. This remarkable growth includes 10 million new customers registered in 2024 alone, demonstrating the company's rapid expansion. In Italy, Revolut has approximately 2 million users and plans to inaugurate a new branch by the end of the year.

Revolut founder and CEO Nik Storonsky offloaded a significant portion of his shares in the fintech giant during a secondary offering in August, raising between $200 million and $300 million. This sale still leaves him with a majority stake valued at $8 billion. As Revolut continues to post strong financial results and expand its services, all eyes are on the company’s next move, with an IPO potentially on the horizon.

Online casinos are easily transferable digital assets. The transfer of Gammix Ltd's casinos to offshore operator Starscream Ltd raises serious questions about the continued illegal gambling activities in Europe. Despite massive penalties from the Dutch regulator KSA, Gammix appears to have simply shifted its operations offshore, where it continues to flout regulatory oversight facilitated by regulated payment processors.

Revolut, the leading digital banking platform, is gearing up to launch mortgage products in Ireland by the first half of 2025. Operating under its Lithuanian banking license, Revolut plans to offer a fully digital mortgage application process. This move follows the company’s expansion into personal loans in Ireland and reflects its strategy to disrupt traditional banking sectors by leveraging technology to provide faster and more efficient services.

The UK regulators did not make it easy for Revolut, which was founded in 2015 by Nik Storonsky and Vlad Yatsenko, then Russian citizens. The UK's most valuable fintech firm has finally secured a UK banking license with certain restrictions, following a three-year application process. This milestone will enable Revolut to hold customer deposits and offer own-branded loans, including mortgages, setting the stage for its eventual stock market listing.

Revolut's clients are primarily younger, tech-savvy individuals who favor online services. This demographic also faces significant risks associated with online scams, highlighting the need for ongoing education and vigilance in digital finance. According to the UK's Financial Ombudsman Service (FOS), customer complaints against Revolut for denying fraud reimbursement claims have surged by 35% in H2/2024, totaling 2,208 complaints.

In a year marked by remarkable financial achievements, Revolut has reported record profits for 2023, prompting cyberfinance rating agency PayRate42 to reaffirm its Green Compliance and Green Risk ratings for the London-based fintech giant. PayRate42 positions itself as a private extension of state financial regulators and aims to inform and protect investors and customers of cyberfinance institutions through its rigorous assessments.

FinTelegram recently reported that Revolut, the leading UK fintech, was allegedly valued at $40 billion. An impressive number, especially before the background of the still missing UK banking license. Revolut remains entangled in its prolonged quest for a UK banking license. Revolut's struggle to secure this license highlights deeper operational and regulatory challenges. Cyberfinance rating agency PayRate42 explains the situation.

According to a recent Financial Times report, the UK fintech giant Revolut is aiming for a valuation exceeding $40 billion in an upcoming share sale, according to insiders. This move would solidify its status as Europe’s most valuable startup. The high rating is somewhat surprising given the fact that the UK regulators have so far refused to grant Revolut the requested banking license. Its competitors, Monzo and Starling, have secured banking licensesw a few years ago already.

Monzo, the UK digital challenger bank, has reported its first full year of profitability, marking a significant milestone in its financial journey. The fintech startup revealed in its annual financial results that it achieved pre-tax profits of £15.4 million ($19.6 million) in the 2023-2024 fiscal year. This is a remarkable turnaround from the previous year's substantial loss of £116.3 million.