Revolut, which one of the fastest up and coming startups in Europe has finally landed in the US. The company, based in London, first came to fame when it created an app that consolidated various aspects of people’s lives into a single app. With one app, users could trade stocks, cryptocurrencies, purchase travel insurance, run a bank account, and much more.
About the App
The Revolut app is called the Financial Super App and it comes with a debit card. It allows consumers to manage all aspects of their financial life from one app. The app can be downloaded in Android and iOS devices and it is quite easy to set up.
Crypto Trading Not Enabled
When the app launches in the US, it will not have all of the features offered in Europe. Most notably, users will still not be allowed to trade crypto. It might have something to do with the fragmented nature of crypt regulation in the US. However, Revolut has promised that it will add this feature in the future. For now, users can use the app to make payments and to deposit salaries. The FDIC will insure its US deposits for up to $250,000 via an agreement with Metropolitan Commercial Bank.
In Europe, the debit card comes in several tiers. They even have a metal card that comes with perks such as discounts at airport lounges and a cashback of up to 1 percent on every purchase. In the US, customers will only have access to the Premium and Standard cars. The top tier metal card will arrive a few weeks later.
No Direct Contact with Crypto
While crypto trading may be added later, it is worth noting that the app does not support cryptocurrencies. Instead, users only gain exposure to cryptocurrencies such as Ethereum and Bitcoin. Some of the other interesting features users will enjoy for now include virtual debit cards. The cards can be frozen and unfrozen at will by the owner. Additionally, the app comes with the ability to split bills, and receive instant spending notifications.