Money exchange company Revolut raises £1.5m in funding

Revolut, an alternative foreign exchange service, has raised £1.5m in a round led by tech venture capital firm Balderton Capital, to launch its international money-transfer app on iOS and Android.

Revolut lets people transfer money via their smartphones without being charged by banks and other financial institutions as they travel.  According to Revolut, UK consumers spend and send £1 billion abroad.

The free app, which is available on iOS and Android, works with a prepaid multi-currency MasterCard that allows users to convert and send money.

The card can be used globally and doesn’t incur any fees when users withdraw cash from an ATM and can be used in store or online wherever MasterCard is accepted.

“Revolut has an ambition to change the way money is transacted, sent and spent around the world. We are proud and delighted to introduce the world’s best-value digital currency exchange service. The app and card are intuitive to use, free for all and offer customers the peace of mind that, with Revolut, you can use your money across borders at unbeatable value,” said Nikolay Storonsky, founder and CEO of Revolut.

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