London based startup Revolut today announced its Premium Membership, edging even closer to neo-bank territory as it continues to develop financial services and solutions for the digital generation, and its 550,000 strong customer base across 42 European countries.
Revolut’s Premium membership disrupts the international transfer space by enabling its customers to send money in 23 currencies globally for £6.99 per month.
The first 5,000 customers to sign up to Revolut Premium will also receive priority access to invest in the company’s upcoming investment round on the UK’s leading crowdfunding platform, Seedrs, a £4 million crowdfund campaign which will be part of their larger Series B round.
Revolut’s CTO Vlad Yatsenko describes the new Premium Membership as ‘the banking sector’s equivalent to Amazon Prime’ and says: “With Revolut we introduced three things: we removed exchange rate markups for travellers, we eliminated fees to transfer money globally and now we are making it unlimited, by introducing Premium with a single annual membership.”
A 12-month membership to Revolut Premium will cost £72, but like Prime, customers can expect frequent add-ons as the product evolves, with the following free services available immediately:
– Premium members can use the Revolut app & contactless MasterCard to spend, transfer & exchange an unlimited amount of money anywhere in the world at the interbank exchange rate without fees
– A new Revolut Premium Mastercard with 3 custom designs to choose from with free express delivery anywhere in the world, plus a spare card which can be activated at any time in the app
– Overseas medical insurance
– Double the ATM limit vs Revolut Basic
– Exclusive 24/7 digital customer support
Nikolay Storonsky, Founder & CEO, Revolut: “Revolut is building a 21st century finance alternative designed for a global lifestyle. From day one we set out to revolutionise what millennials had come to expect from the incumbents and take the user experience far beyond banking. Revolut Premium will be an all-you-can-eat membership program for a new generation of digitally-driven demanding consumers who feel disengaged from their current financial service providers.”
In January, the company launched current accounts that allow customers to have their salaries paid into their digital account. In February, they partnered with property investment platform Bricklane to offer a Property ISA product and last week launched instant credit via a partnership with peer-to-peer platform Lending Works.
The 2017 funding round will take place almost a year after Revolut raised £1 million from the crowd with 10,000 investors registering for the chance to back the FinTech firm, pledging in excess of £17 million, leaving it 1000% oversubscribed.
More information can be found here: www.revolut.com/premium.