Revolut Enters Bulgaria And What It Means For Traditional Banks

Revolut now provides accounts in BGN, the Bulgarian currency, it became clear during the FinTech Summit, which took place in Sofia.

The UK’s finance tech company is a digital bank of a new generation that has no physical branches but relies on mobile applications. At the end of last year, it also received an official bank license for the European Union. The company offers a number of bank services such as prepaid debit card, currency exchange and cash transfers, with most of them not having any fees (up to a certain limit) and currency exchanges at a far better rate.

Although Revolut still does not have employees in Bulgaria, according to latest data, its services in Bulgaria are used by about 23,000 people. Worldwide, its users are over 4 million. Customers can now request an account and a card, currently receiving a British IBAN, as funds are held in the UK.

The total number of supported currencies is about 150 and the company offers an exchange of encrypted data in the application itself. In April. the company secured $ 250 million of funding, which put it at $ 1.7 billion. Revolut plans to expand its operations in the United States in 2019, as well as in Canada, Singapore, Japan, Australia and New Zealand.

During the forum it became clear that Revolut already has a representative in Bulgaria – Stoycho Nedev.

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