Revolut will also launch additional services in the future, including cryptocurrency and stock trading.
Last month alone, Revolut raised $500 million in a D-series round that took the company’s valuation to $5.5 billion.
With over 10 million users across Europe, Revolut has already attracted tens of thousands of American users. According to the company, deposits of US users will be secured by the FDIC up to $250,000 through a close partnership with the Metropolitan Commercial Bank U.S.
“As the cost of living increases disproportionately to people’s take-home salaries, now more than ever, people need to know exactly what is coming in and out of their account. They should have the tools to help them manage their money more conveniently and accurately”, explained Nik Storonsky, Founder & CEO of Revolut.
The debit card will also allow users to withdraw money at all ATMs in the country.
“When spending or transferring money overseas, most people are unaware of the hidden fees that banks are charging them. The world is becoming more connected, and financial services should be supporting this notion, not hindering it,” added Storonsky.
Revolut has also recently launched the possibility to buy gold directly from the app but for the moment only for Platinum and Metal users.
Revolut during coronavirus times
By allowing contactless and online payments, in addition to having customer support working remotely, Revolut is managing to continue its work even during this difficult period due to the coronavirus.