Digital challenger bank Revolut has announced EUR Direct Debits or European customers thus facilitating direct debits for automated payments. The traditional bank alternative now facilitates easy monthly payments such as phone bills, utilities and other regular services.
Revolut points out they already allow European customers to transfer money via SEPA and SWIFT, but the introduction of this popular payment solution will allow European customers to transfer money quickly and automatically.
Revolut founder and CEO Nikolay Storonsky said they were delighted to provide the service to their growing base of European users.
“We’re always striving to improve our product for our customers, combining technology and creative thinking to respond to the needs of our customers and make it even easier for them to make payments”
Revolut says customers may open an app-based current account in just 60 seconds. By banking with Revolut, you may hold and exchange 25 different currencies with the real exchange and send free international money transfers. In the last few months alone, Revolut has rolled out a number of new products including geolocation travel insurance, instant credit and a cryptocurrency offering that allows customers to buy, hold and sell cryptocurrencies instantly at the best possible rates.
Launched in July 2015, the UK based Fintech has signed up over 1.5 million customers across Europe and processed 60 million transactions with a total volume transaction of $10 billion to date. Revolut expects to launch in the US at some point in 2018 thus positioning itself to challenge incumbent banks with a low cost, superior service, digital banking solution.
Revolut has raised a total of $90 million from prominent investors including Index Ventures, Balderton Capital and Ribbit Capital.