The British fine-tuning company Revolut announced the official launch of its operations in Bulgaria. The main goal is aggressive entry into the domestic market and reaching 100,000 consumers by the end of 2019, the organization Economic. The startup requirement is not to stop until it becomes the number one on the local market.
To date, Revolut's service is used by almost 30,000 people in the country, with an average of 100 newly registered daily, according to the company's data. The initiative to open an account in BGN is also an incentive for increased interest. Over the next few months, the company will provide additional services, including a trading platform without a commission.
Revolut allows its clients to spend abroad abroad in 150 currencies, hold and exchange 29 currencies and make free domestic and international money transfers, which will greatly facilitate the financial life of those with relatives abroad. Another feature of the application is that it works with Cripp and joins forces with a number of leading exchanges to offer the best possible prices.
The team will grow in the coming months to meet the business needs of the fast-growing company. Currently he has a state PR manager and a position for Regional Development Manager (growth manager). Depending on the circumstances, the company can also open a place for a marketing manager. "Given the digital environment today, it is enough to have a team of people in the country, as is the case in many other places," said Edvard Tsvetanov, the state PR manager of Revolut for Bulgaria.
"Bulgaria is an attractive market for us, because it becomes a regional financial hive center, but the local bank customers continue to pay high fees for daily services, such as withdrawal of cash and expensive time bank transfers. Our presence in Bulgaria will fill the gap between the contemporary needs of the client and the solutions offered by the final sector, "said Nick Sternsky, Founder and CEO of Revolution.
Created in 2015, the startup rapidly increased to reach a unicorn status of $ 1.7 billion. Revolut was created as a digital alternative to large banks in July 2015 by former investment bankers Nick Stagonsky and Vlad Jatsenko, who worked in Credit Suisse and Deutsche Bank.
Initially, the final attracts customers by allowing them to spend and transfer money abroad to the interbank exchange rate. Since then, the company has attracted more than 4.5 million customers across Europe with its capabilities to monitor costs, tools for budgeting, savings and cryptographic exchange.
In December 2018, Revolut received approval from his application for a European banking license and has since been focused on strengthening his position on the continent, while demonstrating aggressive expansion across the globe.
"While traditional banks are more focused on promoting sympathetic promises, we are removing fees for our customers and improving the daily user experience in the app to ensure full control over personal finances. With Revolut you get instant notifications about your payments, different budgeting tools for save money and state of the art security measures that will allow you to block and unblock your card anytime, anywhere in the world, without having to wait in line at the bank or wasting time in unnecessary documentation, "Stronsky added.
To date, Revolut has raised about $ 340 million in investments from reputable venture capital firms, including venture index, Ribbit Capital, Balderton Capital and DST Global. The fast Fintec opens over 12,000 new current accounts each day and runs a volume of over $ 5.5 billion each month.