Hi, I really want to close my business account with Starling as I’m absolutely sick of their arrogance but alternatives with a full licence are even worse. (looking forward to N26 opening in the UK and Nationwide to allow business customers).
I know you are working on getting a EU banking licence in Lithuania, but brexit day is too close.
Are you working on getting a full UK licence and “instant” connection to faster payments? Any estimation you could disclose? Thanks.
I’m not sure if I’m allowed to mention competitors but have you taken a look at Tide Business Banking? Might suit your needs.
thanks for the suggestion, I’ll give them a try.
It was mentioned before that they are in process of getting an eu license. And also that they have separately started on the UK one.
funnily tide and revolut accounts have the same exact sort code… and, as therefore expected, their connection to faster payments is equally poor.
It’s very discomforting to not know anything about the state of the EU/UK licence and if they are doing anything with that unprofessional shared sort-code and lame connection to faster payments if they actually get the banking licence.
Yeah it is annoying. I wonder why they have the same sort code. I wish Revolut was more transparent, but tbh they are more transparent than a lot of other banks/services/
Would you have examples? I find that hard to imagine 
because they don’t have their own, and chose to partner with Prepaid Solutions Ltd instead of even trying to look serious 
I really really hope they plan to change this, the OUR SWIFT transfers, and weekend markup, as I would love to be able to use my REVO account as a real business account and not just for currency exchange.
Well at least in my experience, the actual banks I use don’t reveal technical details, don’t allow beta testers, don’t have a blog detailing their systems, and don’t have community events detailing their vision and their ideas for the future.
I dont want to sound too critical 
but I would necessarily file the things you mentioned under transparency but rather under marketing. Technical details are rather scarce at best, beta tests are for their own benefits and are typically done internally, the blog and the events are probably the only things from this list where I’d concur but traditional banks have similar product events too.
My main issue with Revolut simply is they promise something (some of which is quite crucial to their operation), call it around the corner and only tweaking bits and then months go by without anything. Follow up questions are then nonchalantly ignored. This, compared with many stories here on the forum (some absolutely true, others exaggerated) does not instil confidence.
That is true. But I do feel it is held under both marketing and transparency. And I do agree with the right around the corner thing. It feels like the word “soon” has a new meaning now. Like cards being issued in Spain, Apple Pay, etc.
Nikolai Storonsky has said that they are breaking even on a month to month basis, after a 33 million dollar loss last year, and I feel that they’re breaking even because of the lowered spending. Revolut has done well for themselves so far with what they’ve done but they’re going to need to work harder if they want to be a viable competitor to major banks.
during the interview in Russia, right? without saying a word on the country where 
is based? it makes me very uncomfortable he goes announcing things but nothing verifiable happening.
according to cityam.com
there are no immediate plans to apply for a full licence in the UK
but
applied for a second e-money licence in Luxembourg
Their financial info is in the public domain.
Revenue = £12.8m
Pre-tax loss = £14.8m
Net cash generated from operating activities = negative £33.3m
User base = close to 3 million (number of active users is going to be around one eighth of that total)
USD 3bn worth of transactions per month
#people signed up to Metal in last month = 80,000
They predicted a quadrupling of revenues for the next fiscal year, based on the rate of signups for Metal, amongst other things. The big advantage of metal (and premium) users, apart from the subscription revenues, is that they are far more likely to be active users than those on Basic cards - for which the number of active users is below 10%. If you’re paying £12.99/month, or whatever it is in your country, you’re much less likely to leave the card in your cupboard drawer than someone who just got the basic card.
The numbers above are obviously small potatoes in comparison with the money raised from VCs and other investors - £250m in the last round.
Note that this last financing round was led by DST Global, which is run by Yuri Milner, a Russian venture capitalist. Clearly Nikolai has some useful connections!
Very thorough! I think what’ll make Revolut boom even more is a higher grade of localization, while still keeping the international transfer aspect. Imagine if I could have a local Danish account number and card, and I’d be able to send money to another person with a local South African bank number and card. That, along with full debit cards, I think will push Revolut to be a real international bank rival.
I just started a UK Limited Company which I will only use for a few transactions per month.
Can I use the Revolut Business Account as my only company bank account? Or are there any regulations in the UK that force limited companies to have a bank account in a licensed bank?
Thanks!
your account will have a sort code from “prepaid solutions” but it’s perfectly ok.
but it might be difficult to get revolut to open an account for you without previous evidence of business activities.
you might want to look at starling or tide for easier-to-open GBP business accounts. transferwise would also give you a valid free uk business account though.
Be great to see Revolut challenging Starling and Monzo.
even without a banking licence revolut would need to fix three things first
Absolutely - I wonder if that’s an intention.