Fintech startup Revolut is slowly making traditional bank accounts irrelevant. The company is adding direct debits in EUR to make it easier to pay for utilities and subscription services.
While Revolut is currently applying for a banking license, the company has already been adding everything you need to replace your bank account with a Revolut account.
The company started with an e-wallet in multiple currencies combined with a MasterCard. This way, you can upload money to your Revolut account in your local currency and then send and spend money in multiple currencies.
But when it comes to spending money, Revolut users have been limited to card payments so far. And yet, many countries ask you to pay your electricity or phone bill using direct debits.
Back in July 2017, Revolut gave you a personal IBAN in EUR and GBP. And now, you can hand your banking details to any subscription service in EUR so that they can debit your Revolut account directly.
And that’s about all you need to know. Revolut now has 1.5 million customers and many different services. You can buy travel insurance, phone insurance and cryptocurrencies through the Revolut app. Eventually, Revolut wants to become the financial hub on your phone.