Tag: revolut

Revolut to Enable Frictionless Checkout Across All Agentic Commerce Platforms

Revolut, a global financial leader,has announced a new strategic pillar for Revolut Pay, with plans to make its seamless, one-tap checkout solution compatible across the emerging landscape of agentic commerce. This is underpinned by Revolut Pay becoming one of the first EU payment methods compatible with Google’s Agent Payments Protocol (AP2). This strategic focus will help position Revolut Pay as both the secure, universal, 1-tap payment solution for consumers and a powerful sales booster for Revolut Business merchants in conversational and automated shopping environments.

Through close collaboration with Google, Revolut has become one of the first EU payment methods compatible with AP2. AP2 is an open protocol developed with leading payments and technology companies to securely initiate and transact agent-led payments across platforms. In concert with industry rules and standards, it establishes a payment-agnostic framework for users, merchants, and payments providers to transact with confidence across all types of payment methods. In addition, Revolut has  contributed directly to Google’s AP2 open protocol by adapting the flows specifically for account-to-account payments. 

“The future of shopping isn’t a website; it’s a conversation. We aim to move beyond the click-and-pay model to a world where your AI assistant streamlines the checkout for you,” said Alex Codina, General Manager of Acquiring at Revolut. “By enabling Revolut Pay for Agentic Commerce, we are aiming to make our customers’ favourite, most secure payment experience the standard for AI-driven transactions. This will ensure speed, trust, and absolute zero friction for the next generation of digital buying.”

“The future of digital commerce relies on trust, security and speed. By leveraging Google’s AP2 protocol, Revolut will remove friction from AI-assisted shopping. Together, Revolut and Google are transforming digital commerce for millions of users in the European Economic Area (EEA) and the UK,” said Tara Brady, President, Google Cloud EMEA.

Revolut Pay ensures that customers’ transactions are handled with Revolut’s secure infrastructure, including instant notifications and integrated fraud monitoring. The process creates a cleaner, more secure experience for customers and boosts conversion rates for merchants. It also offers a trusted, familiar payment rail for this novel commerce channel.

For Revolut Business merchants, the strategic value of embracing Agentic Commerce lies in preparing for the future of payments. This foundational work and strategic commitment to full payment rail support ensures Revolut remains a trusted partner empowering merchants to thrive in the evolving agentic commerce ecosystem.

These ambitions are illustrative of Revolut’s commitment to staying at the forefront of digital innovation. By ensuring Revolut Pay compatibility with any agent, Revolut is directly addressing the shift in how consumers will interact with the digital economy, ensuring its core payment product is present wherever commerce occurs next.

Revolut amps up fight against impersonation scams

Revolut, the global fintech with more than 65 million global customers and 12 million in the UK, is today launching a new in-app feature designed to protect users from one of the most insidious types of fraud: impersonation scams. The new feature detects when a customer opening the Revolut app is on the phone – this includes apps allowing voice calls – and confirms whether they are, or not, talking with a Revolut agent. It goes one step further than similar features in the market, helping customers promptly take the right action to report attempted fraud and keep their funds safe if it is found they’re being targeted.

With the rise of AI-generated deepfake voices and increasingly sophisticated social-engineering tactics, criminals are finding new ways to convince consumers they are speaking to their bank or somebody they trust. Impersonation scams trick victims into believing they’re on a legitimate call with a trusted financial institution or person – often pressuring them to move money to safer accounts, to share sensitive data, or to approve fraudulent transactions.

This threat is accelerating rapidly. Scammers can now generate highly convincing scripts and even synthetic voice mimics. Concerningly, A 2021 study found that only 25% of people can accurately distinguish a deepfake voice from a real one – however, most participants falsely believed they could identify the fakes. This leaves people vulnerable to scams – only adding to the surge of APP (Authorised Push Payment) fraud.

Empowering users with timely, actionable protection

Revolut’s new feature introduces a live in-app banner that appears the moment the app detects the user is on a phone call. The system identifies whether the call is coming from Revolut or from another number and advises accordingly:

  • If the caller is Revolut, the banner will confirm that the call is legit
  • If the caller is not Revolut, the user will see a clear, urgent banner informing them that they are not on a call with Revolut
  • Tapping the banner leads users to actionable protection pathways based on what’s happening.

This real-time contextual system provides an additional layer of defence against impersonation attempts that occur during live calls – a scenario where victims can be caught off guard and vulnerable under pressure.

Rami Kalai, Product Owner at Revolut said: “Revolut is committed to building a safer financial future. As fraudsters adopt AI and advanced deepfake tools, we need to innovate fast to defend our customers and stay ahead of rapidly evolving fraud threats. This new feature not only gives users real-time, contextual warnings in the moment they need them most but also guides them to identify impersonation scams providing clear, actionable steps to keep their money safe while the fraud attempt is happening.”

A broader strategy to protect customers

This launch builds on a suite of recent features introduced by Revolut to protect customers from scams and unauthorised activity. In 2024 alone, Revolut’s advanced fraud-prevention systems saved customers more than £600 million that would have otherwise been lost to scams. Recent releases include:

  • In-App Calls – allowing customers to speak to Revolut directly and securely via the in-app feature, eliminating the need to trust phone numbers received externally in the vast majority of cases.
  • Wealth Protection and Street Mode – features designed to keep transfers safe through biometric verification and delay them, in the case of Street Mode, to contrast specific events like transfer mugging.
  • Enhanced machine-learning systems that detect and block risky transactions before they leave a customer’s account.

The new feature is already active for all Revolut customers with an iOS device. Android users will need to proactively authorise the feature from the Security Hub.

Disclaimer

This feature is optional for Android users and does not guarantee complete protection

‘Mindful’ spending Irish will still treat themselves this Black Friday

As Black Friday approaches, shoppers across the country are adopting a more mindful approach to spending, new data from Revolut, the global fintech with more than 2.8 million Irish customers and over 50 million globally, suggests.

As financial pressures continue to tighten the purse strings, 30% of Irish consumers have reported that they plan to spend less this Black Friday, reflecting a blend of financial caution and a desire to indulge in more meaningful purchases either for themselves or loved ones.

The study also suggests that ‘treat culture’ is still making a significant mark on Irish society, with one in five (20%) citing a desire to treat themselves to something new as their main motivation for any Black Friday spending. Those wanting a little treat this Black Friday are 25% of 18-24-year-olds, while half (49%) of 18-34-year-old consumers will use this occasion to spend mindfully, purchasing things they wouldn’t normally be able to afford.

This move towards a more mindful way of spending has also impacted where consumers are choosing to shop. Despite Black Friday historically being a popular online retail event, many plan to head back to the high street this year. Two in five (42%) shoppers will hand Ireland’s small shop owners a boost, with many citing a desire to support small businesses and escape long delivery times as factors in their decision-making.

Youngsters are the most motivated by Black Friday shopping with 90% of 18-24-year-olds agreeing Black Friday is a good chance to grab a great deal compared to the more sceptical over-65s (59%) – 15% of whom claim that the deals on offer aren’t as good as they used to be.

Maurice Murphy, General Manager at Revolut Bank UAB – Ireland Branch, said: “Managing your money needn’t be complex or confusing but it pays to be mindful, and this data clearly shows a change in consumer behaviour ahead of this year’s Black Friday. Irish shoppers are purposefully savvy, but with plenty of deals on offer, it’s good to see consumers unafraid of treating themselves at this time.”

With consumers in Ireland increasingly prioritising mindful purchases, brands and retailers alike are preparing for a season defined by quality offerings and compelling deals. Revolut will also take part in this year’s Black Friday with some exciting deals available in-app this month: 

 

  • Aer Lingus: Until the end of November 2024, earn 10x RevPoints when you choose to pay with Revolut Pay at the checkout.
  • The Irish Independent: Until the end of November 2024, earn 10x RevPoints when you choose to pay with Revolut Pay at the checkout.
  • HelloFresh: Until the end of November 2024, get a 50% discount and 20x RevPoints.
  • Vision Express: Until the end of November 2024, get a free eye test and 30% off when you spend €60 or more, as well as 20x RevPoints.

 

Revolut Bank UAB (Irish Branch) was recently recognised by financial comparison site Bonkers.ie as ‘Ireland’s Best Consumer Business’ and ‘provider of the Best Current Account’, while the company ranked 9th as part of the Ireland RepTrak® 2024 study earlier this year.

 

For more information, visit: www.revolut.com/en-IE

Revolut co-founders reveal 2025 vision: AI, mortgages, and ATMs

Revolut co-founders Nik Storonsky and Vlad Yatsenko took to the stage at the company’s The Revolutionaries event in London to celebrate 50 million Revolut customers and share the company’s future product vision for 2025 — which include AI, mortgages, and ATMs.

Revolut, which has grown by over 10 million customers globally in 2024 so far, is now focused on accelerating the roll out of innovative products and services to continue disrupting global financial services in its bid to become the world’s first truly global bank.

Amongst the key highlights announced at the event:

  • Artificial Intelligence (AI)
    • Revolut announced its new AI-powered assistant to consumers. Revolut’s financial companion will adapt to customers’ needs and preferences in-app, guiding them towards smarter money habits, enhanced financial decision-making and streamlined admin. The company will aim for a gradual roll-out next year, which will be developed over time as the potential of AI to simplify and transform personal finance continues to unfold.

  • Mortgages
    • As Revolut continues to shake up traditional financial service offerings, the company confirmed plans to launch its mortgage product in Lithuania followed by Ireland and France in 2025. The goal is to offer a fully digital mortgage product that is the fastest on the market, aiming to issue instant approval in principle and final offer in one business day subject to asset valuation and any necessary checks. Mortgages will form part of the comprehensive credit offering Revolut is looking to build, with the company also exploring overdrafts. 

  • ATMs
    • Revolut will soon start rolling out branded ATMs – bringing these to Spain for use in early 2025. Revolut ATMs will dispense both cash and cards, and in the long-term accept cash deposits, with advanced security through facial recognition identity authentication. 

  • Revolut Business
    • In 2025, Revolut Business will bring its first business credit product to Europe and aims to offer one of the top business savings rates in all EU markets next year. Revolut Business also plans to help companies manage their restaurant and store operations with Revolut Kiosk, for which it is exploring biometric payments, and plans to continue to push its Revolut Pay offering with multiple payment methods including, in future, Buy Now Pay Later.

Nik Storonsky, Revolut’s CEO and Co-Founder, said: “2024 has been a significant year for Revolut, with millions of new accounts opened and innovative products launched across our markets. 2025 will be bigger and better. We want to revolutionise banking for the better and we’re on the right path to achieve this.”

Antoine Le Nel, Chief Growth and Marketing Officer, at Revolut said: “Revolut continues to change the face of finance. We’ve grown to over 50 million customers in less than a decade, a tremendous achievement, and proof that consumers want more from their money. Our ‘The Revolutionaries’ event is a fitting celebration, but we aren’t stopping there. We are already on the road to 100 million customers, and to becoming the world’s first truly global bank.”

Revolut unveiled its 2025 vision today at its The Revolutionaries event in London, which is currently underway. Featuring game-changers and revolutionaries across the worlds of music, business, fashion, sport, gaming, travel and entertainment, the event will close tomorrow with a headline performance from Charli XCX ahead of her sold-out tour.

 

Revolut reaches 50 million customer milestone

Revolut, the global financial technology company and licensed European bank, has today announced that it has hit 50 million customers globally.

The company has reached the 50 million milestone at high-speed, growing by over 10 million customers in 2024 so far and becoming the most downloaded financial app in Europe.  It follows a bumper year for Revolut, which in 2024 received a $45 billion valuation, was awarded a UK bank licence with restrictions from the Prudential Regulation Authority (PRA) whilst in the mobilisation stage, and announced its 2023 Group revenues had surpassed $2.2 billion with record profits before tax of $545 million.

Revolut has aggressive plans to continue to grow its customer base towards the 100 million milestone, while also rolling out new and innovative services to become the primary bank of choice for its customers. 

Nik Storonsky, CEO of Revolut, commented: “Revolut exists for one reason: to simplify money for everyone, everywhere. This year we’ve taken huge steps forwards — breaking records, accelerating the speed at which we’re launching products and continuing to disrupt financial services globally. We’re moving faster than ever because we know the opportunity to revolutionise global financial services for our customers is still massive.”

Later this week Storonsky will take to the stage at the company’s The Revolutionaries event in London to celebrate its 50 million milestone, speaking alongside co-founder and CTO Vlad Yatsenko and entrepreneur Steven Bartlett. 

An exclusive event featuring revolutionary names across music, business, fashion, sport, gaming, travel and entertainment, The Revolutionaries will close with a headline performance from the iconic Charli XCX ahead of her sold-out UK tour.

For those outside of the UK, the event will be broadcast across YouTube and other streaming platforms.

Revolut Bank UAB (Irish Branch) was recognised by financial comparison site Bonkers.ie as ‘Ireland’s Best Consumer Business’ and ‘provider of the Best Current Account’ in 2024, while the company ranked 9th as part of the Ireland RepTrak® 2024 study earlier this year.

 

 

 

 

Two thirds of businesses believe ‘legacy banks’ are too slow to adapt to modern business needs — Revolut

Revolut Business, the global financial superapp trusted by hundreds of thousands of businesses worldwide, has conducted a study in partnership with market research firm Dynata, highlighting that international businesses are turning away from ‘legacy banks’ to manage their financial needs, echoing the sweeping changes seen across consumer banking. The findings come as the company launches Revolut Business 5 — the fifth generation of its financial management platform for businesses.

The recent survey of 2,850 business decision-makers from seven European countries, including respondents from every county in Ireland, found that close to two thirds (63%) of businesses believe ‘legacy banks’ are too slow for their financial needs.

Nearly four out of five (79%) respondents reported issues with ‘legacy banks’, including high fees, slow transactions, and poor mobile experiences, and three out of five (64%) large businesses are worried they will be left behind competitors without enlisting a fintech.

These concerns are driving businesses to fintechs like Revolut, where innovation and agility are founding principles. Revolut is reinforcing its focus to support large enterprise clients with Revolut Business 5, which provides an enhanced user experience across both mobile and desktop platforms to meet the evolving needs of industry leaders. Revolut Business has been redesigned to save enterprises more time and money.

James Gibson, General Manager at Revolut Business, commented on the recent survey findings and emphasised Revolut Business’s capabilities: “When we started Revolut Business in 2017, we knew that businesses wanted a banking product that evolved with their needs and provided a customer experience you’d expect in this day and age. The demand for customer-orientated business accounts has only increased since then.

“As we launch Revolut Business 5, we know we’re giving customers the ability to find features faster, spend with precision, and manage payments easily. Revolut Business is continuing to grow, and look forward to welcoming more customers who are fed up with the existing status quo in Ireland and want a solution that moves with the technology of the day.”

In Ireland, specifically, the survey also found that:

  • 72% of business leaders believe that ‘legacy banks’ are too slow to adapt to modern business needs, notably much higher than the European sample size average of 64%.

  • More than half (52%) of businesses use the services of a fintech, while a further 30% are willing to trust and are actively looking to use a fintech to manage their finances.

  • A quarter (25%) of hospitality businesses and close to one in five retail businesses (19%) now no longer use a traditional bank in Ireland.

  • Looking outwardly, more than three-quarters of business leaders (77%) said they were seeing more industry peers turn to fintechs for their business banking needs, while 81% of these already use a fintech provider (such as Revolut) personally outside of work.

  • Notably, nearly a third (31%) of business leaders in Ireland would prefer to manage their business’ financial needs solely with their fintech provider.

Revolut Business 5 offers faster navigation, personalised layouts, and easy access to card details and analytics right from the home screen. Updated features notably include B2B SEPA Direct Debits, streamlined payment tools for online and in-person sales, dedicated treasury tools for currency exchange, and multi-layered approval options for managing team spending across departments.

Revolut Business is already contributing 15-25% of the company’s overall gross profit, with some of Revolut’s notable customers in Ireland including Aer Lingus, O’Neills, and DID Electrical. The company also recently announced that global annualised revenue for Revolut Business has surpassed $500M (€461m). This growth is a testament to the demand for Revolut Business, as more companies turn to digital banks for a faster, more flexible way to manage their financial needs.

For more information, please visit: www.revolut.com/business

More than a third of Irish consumers would put off saving to buy a house in favour of more immediate satisfaction

Research in conjunction with Revolut, the global financial app with more than 45 million customers worldwide, and over 2.8 million in Ireland, has found that more than a third (36%) of consumers in Ireland would put off saving to buy a house in favour of medium to short-term satisfaction.

Asked what big spending projects they would consider putting off in favour of instant gratification, consumers across Ireland also claimed that both their own wedding (17%) and having children (14%) could also fall by the wayside in favour of more immediate satisfaction.

The survey, conducted by market research company Dynata, asked a random sample of 1,000 consumers across Ireland, with the findings representative of people from every county.

These revelations come as 11% of Irish savers also pointed to low interest rates as the main challenge facing them when trying to put aside money. Meanwhile, just short of one in five Irish consumers (19%) claim inflation is stifling their savings.

12% of respondents believe they will never be able to consistently save enough to fund these kinds of big life projects, and therefore prefer to enjoy medium to short-term satisfaction.

Revolut launched its Instant Access Savings accounts in Ireland at the end of May, offering customers competitive interest rates across all its different plans, with interest paid out daily.

Maurice Murphy, General Manager at Revolut Bank UAB – Ireland Branch, said: “Every bank’s mission should be to give its customers the opportunity to build their own financial wealth. With Revolut, consumers all across Ireland can get a good return on their deposits to ensure that they don’t need to miss out on or put off those big life moments such as buying a home, having children, or getting married. Revolut savers on all of our plans benefit from really competitive interest paid out to them daily, as well as immediate access to their money.”

Revolut Bank UAB (Irish Branch) was recently recognised by financial comparison site Bonkers.ie as ‘Ireland’s Best Consumer Business’ and ‘provider of the Best Current Account’, while the company ranked 9th as part of the Ireland RepTrak® 2024 study earlier this year.

For more information, visit: www.revolut.com/en-IE

Renovation Nation: Home improvement projects drive consumer spending surge in Ireland

Revolut, the global financial app with more than 45 million customers worldwide, and over 2.8 million in Ireland, has identified a surge in the amount its customers across Ireland are spending on home improvements projects.

Revolut’s consumer spending analysis tracks millions of card payments each month to indicate several real-world spending trends by the country’s Revolut customers.

With Ireland’s national Residential Property Price Index (RPPI) increasing by more than 10% in the 12 months to August 2024, it could be that rising prices are pushing many across the country to renovate rather than relocate.

Rising prices driving renovation demand?

Whether getting onto the property ladder for the very first time or weighing up whether a move to a bigger home is within reach, it appears that priority number one for families across Ireland is renovating houses in accordance with their needs. Revolut’s analysis suggests that people are opting to renovate rather than relocate, either by extending or remodelling homes.

Headline figures included a 30% rise (QoQ increase) in payments to special trade contractors, with an additional 14% rise (QoQ increase) in masonry, stonework, and plastering costs, pointing to a probable jump in the number of house extensions getting underway last month.

Architects and tradespeople the beneficiaries

With an increased demand for work on home improvement projects, architectural firms and surveyors are proving the beneficiaries of people in Ireland’s need to renovate their homes. Spending on fees for these services rose 22% (QoQ increase) — up 18% on this time last year.

Busier carpentry contractors (33% QoQ increase) and heightened spending on plumbing and heating equipment (19% QoQ increase) suggests increasing workloads for these trades too.

Meanwhile, the amount spent at household appliance stores rose by 22% (QoQ increase), as consumers spent a third more (33% YoY increase) on furnishings for their homes in Ireland compared to last September — with a 22% increase in the last quarter (QoQ increase) reinforcing this trend.

Credit enabling home improvements

Revolut customers in Ireland looking to renovate their homes can avail of personal loans of up to €30,000 at competitive interest rates from 6.50% Annual Percentage Rate (APR) variable. Whether for home improvement projects, or something else, customers can spread the cost with flexible repayments. Over 20% of Revolut’s existing personal loan customers said their reason for accessing credit was to carry out home improvements, while in the last month, the amount of home improvement loan applications Revolut received rose by 4% (MoM increase).

A recent survey by market research company Dynata on behalf of Revolut found that over 18% of people (from a sample of 1,000 respondents representing every county in Ireland) said that renovating their house or apartment would be a good reason to use a loan in the next year.

Maurice Murphy, Head of Lending – Europe at Revolut Bank UAB, said: “During those big life events, such as moving or renovating your home, it’s important to be able to trust your bank, get a great return on your deposits, and have hassle-free access to credit when you need it. These spending patterns suggest that a growing number of our customers in Ireland are putting their money towards decorating, renovating, or extending their homes.”

Revolut Bank UAB (Irish Branch) was recently recognised by financial comparison site Bonkers.ie as ‘Ireland’s Best Consumer Business’ and ‘provider of the Best Current Account’, while the company ranked 9th as part of the Ireland RepTrak® 2024 study earlier this year.

For more information, visit: www.revolut.com/en-IE