British Fintech startup Revolut in partnership with the payment service Qiwi will begin to serve Russian users. This was reported by representatives of the company.
For its part, Kivi Bank will provide the Revolut startup with a banking license, customer identification technology, payment processing and card issuance.
At the launch stage, users will be able to access the base product: a mobile application and a multi-currency VISA card that allow payments, change and transfer funds in 130 currencies, and withdraw cash from ATMs around the world.
Exchange, transfers and delivery of cash will take place at the interbank rate, with no commissions for users. In the application it will be possible to make money transfers to 120 countries and wallets will be available in 26 currencies.
The basic product is free for users, but financial services will be available only to individuals.
“Russia attracts Revolut with the number of people who face the problem of expensive and uncomfortable financial services: currency exchange and money transfers abroad. Here we are known and waiting. We are confident that we will overcome the mark of one million users in the first two years of operation, “said Revolut head in Russia Bogdan Uzbekov.
In April, Revolut attracted $250 million during the next investment round and reached a capitalization of $1.7 billion. The funds raised will be used to enter new markets in India, Russia, the United States, Australia, Singapore, Hong Kong and other countries.
At the end of the same month, Revolut announced plans to issue a metal debit card, which would enable its holders to receive a one-percent cashback in the cryptocurrency.