Renowned digital banking firm Revolut has reportedly announced the launch of a fee-charging premium service. As per authentic sources, it’s a push to drive the business further into profitability ahead of the company’s planned expansion into Asia and U.S. by the end of 2018.
The exclusive metal account card reportedly dubbed ‘Revolut Metal’ includes all of Revolut’s premium account features with additional features like cryptocurrency cashback on card based purchases, travel insurance, a personal concierge and free worldwide ATM withdrawal capability with a $771.3 (£600) per-month limit.
Reportedly, subscription to the metal card will cost customers $154.2 (£120) annually or $16.99 (£12.99) per month and withdrawals beyond the $771.3 (£600) limit will cost 2pc per transaction.
For the uninitiated, the London-based fintech company which reportedly reached the $1 billion valuation mark in April of 2018 – a rare feat for a private company – has signed up around two million users by offering features like bill-splitting, ability to simultaneously hold multiple currencies, free exchange between two currencies and charge-free withdrawals and spending abroad.
According to reports, any transactions made outside the European Economic Area (EEA) will generate 0.1pc cashback while transactions inside the EEA will give 1pc cashback. Customers can reportedly opt for cashbacks from 25 different currencies including American dollars, Indian rupees and cryptocurrencies.
Moneyfacts Finance expert, Rachel Springall stated that Revolut’s new metal card will prove to be highly appealing to individuals that are interested in cryptocurrencies. Springall further added that with such services bank challengers like Revolut are making their presence known.
However, Revolut reportedly does not possess a banking license yet, meaning that there are no personal loans or banking overdraft facilities. The lack of a license also reportedly implies that money inside Revolut vaults isn’t covered by the FSCS (Financial Services Compensation Scheme) which means zero protection for customers if anything goes wrong.
Revolut has reportedly stated that it is expecting to receive European banking license by end of this year.