Last Tuesday, February 8th, the Diia Summit took place with the participation of the President of Ukraine, Volodymyr Zelensky.
During the event, Vice Prime Minister of Ukraine and Minister of Digital Transformation of Ukraine, Mykhailo Fedorov, along with his team, presented new online services in the Diia application and on the Diia website. Additionally, the official launch of a special regime for the IT industry, called Diia City, took place at the summit.
We decided not to overlook this event, especially since the first resident of Diia City is the fintech service Revolut, and we are closely following fintech projects, particularly in Ukraine.
And once again, we would like to remind you that TAS Life is the first life insurance company in the Ukrainian market to integrate with Diia. If you are a newcomer, you can find more details in our blog.
Who is Revolut?
The British company Revolut was founded in 2015 by our fellow countryman, Ukrainian Vlad Yatsenko, and Russian Nikolay Storonsky. Today, the company is valued at $33 billion. Revolut operates in the EU and the US markets, serving approximately 18 million customers in 36 countries and processing over 150 million transactions per month.
As Revolut does not have physical branches, all card operations are conducted through the mobile application of the same name.
The service allows you to:
- transfer money abroad;
- convert currencies without fees;
- take loans;
- open company accounts;
- trade stocks;
- trade cryptocurrencies;
- purchase insurance policies.
Revolut's History
Revolut's mission is to create the world's first super app for financial services. Their goal is to empower customers to manage all their financial needs in one app that is 10 times cheaper and easier to use than its competitors. They aim to build a truly global digital bank.
And they are succeeding in this endeavor. Founded in 2015, the company is now considered the most valuable startup in the UK.
2015:
- сompany founded;
2016:
- first 100,000 users;
2017:
- launch of Revolut Business;
- launch of cryptocurrency trading in EEA countries;
- launch of Revolut Premium;
2018:
- obtained banking license in Lithuania;
- launch of Revolut Metal;
2019:
- expansion to Australia and Singapore;
- providing access to fractional stock trading to millions of customers;
- launch of a partnership service with international charities to support global causes;
2020:
- commenced operations in the US and Japan;
- launch of Revolut banking services in Lithuania and Poland;
- launch of trading acquiring for Revolut Business customers;
2021:
- commenced operations in Ukraine;
- transition from a specialized bank license in Lithuania to a banking license;
- acquisition of POS system developer Nobly, enabling them to engage in fintech services for the hotel and restaurant business.
Revolut in Ukraine
The company entered the Ukrainian market in May 2021 by launching its money transfer system. In September 2021, Revolut registered its official legal entity in Ukraine and entered the Ukrainian market as an employer.
According to V. Yatsenko, the company intends to hire 100 software engineers in Ukraine by the end of 2022. Once this goal is achieved, the company will be open to considering increased investments and hiring even more employees in Ukraine.
Currently, it is unknown whether the company will launch financial services in Ukraine and when this may happen.
However, Revolut has global plans, so we expect to hear more about this fintech project and continue to observe their progress.
