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Revolut to undertake £4 million crowdfund raise; launches subscription service

Revolut is taking a leaf out of Amazon’s playbook, launching a Prime-like subscription account that gives members cheaper deals and the opportunity to participate in a forthcoming crowdfunding raise.

A 12-month membership to Revolut Premium will cost £72 and offers subscribers fee-free currency exchanges at interbank rates, a premium Mastercard, overseas medical insurance, a doubling of limits on ATM withdrawals and 24×7 customer support.

The first 5000 customers to sign up to Revolut Premium will also receive priority access to invest in the company’s upcoming investment round on crowdfunding platform, Seedrs, a £4 million campaign which follows a successful £1 million raise last year.

Initially conceived as a foreign exchange app, Revolut has significantly expanded its portfolio of offerings to encompass current accounts and fast loan deals, attracting 550,000 customers across 42 European countries.

The company is currently in the process of launching a business platform targeted at helping British and European companies to manage international payments, payroll and corporate travel.

Nikolay Storonsky, founder & CEO, Revolut says: “Revolut is building a 21st century finance alternative designed for a global lifestyle. Revolut Premium will be an all-you-can-eat membership program for a new generation of digitally-driven demanding consumers who feel disengaged from their current financial service providers.”

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