Revolut, a London-headquartered
challenger bank, has launched Revolut 9.0, a new version of its mobile app
that includes new features such as joint accounts, group chats and customizable home
screen. The British-Lithuanian neobank announced the new version on Wednesday
in a blog post.
Revolut Launches Revolut 9.0
According to the fintech
company, the joint accounts feature means that its users can send, split and
spend with whoever they “do life with.” This feature works for two people working in the same country, the
firm said, but pointed out that the function is only available for its users
living in the European Economic Area (EEA).
On the contrary, the group chat
feature is available to all Revolut customers across the globe. With the feature,
users can chat, split and settle bits with group chats. This way, they make
their “shared expenses smoother to settle up.”
Furthermore, Revolut explained
that the new home screen of the app makes it possible for users to “mix and
match your most-used features like analytics, top contacts and more.” This feature enables users to create
their own shortcuts with Revolut’s customizable widgets, the firm added.
Revolut Delays RevCoin Debut
Revolut introduced
cryptocurrency to its offerings during the 2017 bull market peak. Subsequently,
the challenger bank has been making efforts to expand its offerings. In
February, the firm launched the “soft test” version of its cryptocurrency staking service for its EEA
and UK customers.
Revolut is also eyeing the launch
of its own cryptocurrency called RevCoin. It first disclosed the plan to launch RevCoin in May
2022. However, the firm has temporarily shelved the plan to launch the native digital currency.
Financial News, citing people
familiar with the matter, reported that the postponement is likely related to the collapse of cryptocurrency exchange,
FTX. A spokesperson for the firm
told the outlet that the challenger bank was evaluating market conditions and
considering the best time to launch the currency.
Revolut Sees First Full Year
Profit
Meanwhile, the digital bank is
making progress with its business expansion plan despite the challenges. In August last year, the
digital bank gained the approval of the Cyprus Securities and Exchange Commission
to offer cryptocurrency services across the European Union countries. The bank
in 2022 also obtained in-principle approval from the Monetary Authority of
Singapore to offer more than 80 tokens in their platform, including Apecoin and
the Sandbox.
Meanwhile, in 2021, Revolut reported its first full year of profit, returning £59.1 million ($71 million) in
operating profit. On top of that, the fintech firm generated a total revenue of £636.2 million
($769 million0, beating its previous results from 2020 by threefold. The report was released after Revolut missed several timelines to represent the 2021 financial statement.
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This article was written by Solomon Oladipupo at www.financemagnates.com.
