About two reports last week were engaged in painting a negative image of Revolut, a UK-based finance startup. Wired stated it as a workplace where toxic behavior and turnover is common. At the same time, The Telegraph stated that the firm had turned off a system intended to stop money laundering for 3 Months in 2018, something that Revolut refutes.
Revolut is the firm behind a financial app that lets users money transfer to one another. It allows the exchange of various types of cryptocurrencies & currencies and releases a debit card as well. It was founded in 2015 in London. The firm describes itself as an option to conventional banking by doing away with fees. It holds over 4 Million customers who have transferred over £25 Billion across 250 Million transactions. This service has not introduced yet in the U.S., the firm states on its website that it is coming, and holds a waitlist for interested users.
On a similar note, Revolut came into the news as it revealed a fault in its systems has been corrected. The firm added that its users can now use its banking services as regular. The statement disclosed on social media came following a breakdown that continued for a few hours last week morning. It led to users facing issues accessing particular functions of the online banking app.
The firm said in a statement that it is currently witnessing some technical problems, which are impacting on its functionality. It includes exchanges, top-ups, and other features. The start-up added that the card payments were processed as usual. Revolut is valued at approximately $1.7 Billion. The firm claims to hold 200,000 Irish users. It has grown quickly over the past year and now possesses over 3 Million customers. As user concern increased over last week, the firm appeared to have resolved the problem and within 2 Hours posted an update.
