Banking Method: Revolut
Revolut exploded onto the scene back in 2015 and to this day, it’s still the most talked about payment provider amongst users and merchants alike. It promised to revolutionize payment processing, effectively eliminating charges and fees, putting the needs of its users first. Revolut’s CEO and founder, Nikolay Storonsky, raised $71 million at a valuation of $350 million and today the company is worth over $1.7 billion. Revolut works closely with other payment providers such as VISA to issue credit and debit cards to make withdrawals and deposits, just like users would do through their local bank. Revolut has now over 2 million users and with its core product sporting incredibly low fees when spending abroad, the company will keep growing with its back door banking strategy. Revolut has been slowly adding more functions, adding flexibility to its financial capabilities, including insurance, cryptocurrency trading and current accounts.