Revolut
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| Basic Information | |
|---|---|
| Release Year | |
| Product Type | Digital Banking |
| In Production | No |
| Official Website | https://revolut.com |
Revolut is a global financial technology company headquartered in London and founded in July 2015 by Nik Storonskiy and Vlad Yatsenko.[1] As of March 2026, Revolut has over 70 million customers[2][3] and supports transfers across more than 160 countries and regions.[4][5][3] It was valued at $75 billion in November 2025.[6] Its services include bank accounts, debit cards, credit cards, currency exchange, stock trading, cryptocurrency exchange and peer to peer payments.[4][7]
Consumer impact summary
[edit | edit source]Forced app download
[edit | edit source]The web experience cannot be used to make purchases, but only to check account balance, limited transaction history, control cards freezing, PIN lock, and other card security settings.[8] The use of two-factor authentication also necessitates the use of their mobile app for signing into the web app. This effectively forces the user to make use of the mobile app.[9]
Freemium with personal data concerns
[edit | edit source]Revolut earns money from subscriptions plans to access extra features.[10] Most prominent being bigger withdrawal limits and travel insurance.[11] Regardless of subscription status, Revolut optionally suggests that customers link their bank accounts to "give a complete picture of your spending and saving." While this access is read-only, it poses serious privacy concerns.[12][13] Financial services are required by law to follow Know Your Customer but the issue of extracting more information than needed reflects a broader trend in the digital industry to lure customers into free services where sharing their personal information becomes the revenue strategy, effectively forcing unknowing customers to "pay with their data".[13][14] Data which includes:
- Phone number
- Date of birth
- Email address
- Full legal name
- Home address
- Aircode
- ID
- Microphone permissions without disclosure as to why
Further data Collected:
[edit | edit source]- "details of the device you use (for example, your phone, computer or tablet)"
- IP address
- Browser type and version
- Time zone setting
- Device language
- Operating system and platform
- Type of device used
- Whether a virtual private network (VPN) is used
- A unique device identifier
- Mobile network information
- Mobile operating system
- Type of mobile browser you use
- Links clicked on the website or Revolut app (including date and time stamp)
- Length of visits to certain pages
- Page interaction information (such as scrolling and clicks)
- Methods used to browse away from the page
- Types of apps and other metadata about the device
- Information from devices contacts list
- Behavioural biometric data
- Detailed device settings
- GPS location [15]
Disputes with customers
[edit | edit source]As of July 2026, Revolut Bank UAB holds the largest number of disputes with customers out of all banks in Lithuania.[16]
Incidents
[edit | edit source]This is a list of all consumer-protection incidents this company is involved in. Any incidents not mentioned here can be found in the Revolut category.
App explicitly blocked on Android ROMs claiming data security reasons (2024 - Present)
[edit | edit source]- Main article: Revolut blocked access for users with custom OS
In November 2024, Revolut pushed an update that removed support to users with custom OS on their device. The change was announced through an in-app message, which was shown after a user tried to log in. The change also affected users whom already had an account and funds at the Company.
Revolut verify ID email spam
[edit | edit source]- Main article: Revolut verify ID email spam
When a customer does not complete their account setup Revolut sends them 7 emails to pressure them to finish account setup.
Revolut blocking Lyca Mobile automated payment blocking
[edit | edit source]- Main article: Revolut blocking Lyca Mobile automated payment blocking
Revolut explicitly disables the option to end automated payments to Lyca Mobile
Repeated failure to prevent fraud
[edit | edit source]Revolut has a repeated history of being one the most frequently named financial institutions in UK fraud complaints.[17][18][19] The number of complaints of fraud reported to Action Fraud, the UK reporting centre for fraud and cybercrime, by Revolut customers rose from 567 in February 2023 to 1,086 for February 2024.[20] According to the Financial Ombudsman Service (FOS), it issued 3,458 fraud and scam-related 'views' to Revolut and its customers in 2023 surpassing any other provider.[18] These issues arose in spite of the efforts to combat fraud, by doubling the number of employs tasked to deal with the matter between 2021 and 2023.[21] These issues persisted into 2024 where despite Revolut employing "Over 4,000 trained anti-financial crime professionals"[22] it faced 3,242 cases escalated by consumers over Authorized Push Payment (APP) fraud[23] and in 2025 with 1,875 new cases on Revolut, being more than 700 cases ahead of Barclays. This is whilst Revolut serves a significantly smaller customer base of around 12-13 million whilst Barclays serves more than 20 million.[24][25]
Furthermore these issues spark concerns surrounding the aforementioned extensive data collection[15] not being effective in preventing fraud.
Poor customer support
[edit | edit source]Whilst a broad trend in most industries, Revolut customer support is widely considered severely lacking. According to users most of the time they are put into a conversation with a bot[26] and even if they manage to get through to a human their issues such as fraud will often be ignored[27][28] or they will be continuously told to escalate the ticket where this would repeat.[29] In some cases customers claimed that support would poorly handle procedures such as transferring car insurance to another vehicle reportedly "two weeks after [the customer] returned it."[29]
Toxic work culture
[edit | edit source]Revolut has faced increasing scrutiny over its work culture. From employees which where hired to combat fraud being told that the previous employees where at fault and incompetent, reporting that none of their suggestions where even considered resulting in the problem not being solved and them being blamed, to key staff leaving the company over "tough working conditions and an aggressive corporate culture" to reportedly having a high turnover of compliance staff.[30] In an attempt to clean its image from this circumstance, Revolut implemented an internal ‘Karma' system. This system was designed to track how well staff follow risk and compliance rules and award or deduct points which are directly tied to monetary bonuses.[31]
See also
[edit | edit source]References
[edit | edit source]- ↑ https://www.cnbc.com/2024/06/13/revolut-moves-global-hq-in-canary-wharf-as-it-awaits-uk-bank-license.html
- ↑ https://www.revolut.com/blog/post/revolut-number-of-customers/
- ↑ 3.0 3.1 https://www.revolut.com/about/
- ↑ 4.0 4.1 https://en.wikipedia.org/wiki/Revolut
- ↑ https://help.revolut.com/en-US/business/help/receiving-payments/sending-money-to-an-external-bank-account/where-can-i-transfer-money/
- ↑ https://www.bankingdive.com/news/revolut-valued-75-billion/806502/
- ↑ https://techcrunch.com/2015/07/20/revolut-raises-2-3-million-for-its-mobile-foreign-exchange-service/
- ↑ https://www.reddit.com/r/Revolut/comments/183qb3q/web_app_full_access_without_a_phone/
- ↑ Gory, Colm (1 Dec 2020). "Revolut launches 'highly requested' web app for desktop users". Silicon Republic. p. 3. Archived from the original on 11 Feb 2025. Retrieved 27 Mar 2026.
- ↑ https://www.suffescom.com/blog/revolut-business-model
- ↑ Emmanuel Chijioke, Peter; Hipolito, Mirjan (10 Feb 2025). Johnson, BJ (ed.). "Revolut Fees Review". Traders Union. Archived from the original on 31 Aug 2025. Retrieved 27 Mar 2026.
- ↑ Dunne, Eithne (14 Mar 2021). "Put overspending to bed with a bank syncing app". The Times and The Sunday Times. Archived from the original on 21 Dec 2025. Retrieved 27 Mar 2026.
- ↑ 13.0 13.1 "Revolut". εxodus. 12 Oct 2025. Archived from the original on 12 Oct 2025. Retrieved 12 Oct 2025.
- ↑ Batista, Hugo (18 Apr 2020). "Revolut is sharing your data with Facebook. Here's what you need to know". Medium. Archived from the original on 14 Feb 2026. Retrieved 27 Mar 2026.
- ↑ 15.0 15.1 "Revolut Privacy Policy". Revolut. 1 Jan 2025. Archived from the original on 20 Feb 2026. Retrieved 27 Mar 2026.
- ↑ "Financial market participants". Archived from the original on 2026-02-10.
- ↑ "'I lost £165k to fraud in an hour' - customers say they were let down by Revolut". BBC. 2024-08-14. Archived from the original on 2026-02-17. Retrieved 2026-03-31.
- ↑ 18.0 18.1 "Revolut fraud complaints to Ombudsman outstrip all banks". Which?. 2024-04-24. Archived from the original on 2026-03-04. Retrieved 2026-03-31.
- ↑ "DRN-4189491" (PDF). Financial Ombudsman Service (UK). Archived (PDF) from the original on 2025-08-27. Retrieved 2026-03-31.
- ↑ "I'm a victim of scammers. But Revolut says 'no' to a refund". The Guardian. Archived from the original on 2025-12-01. Retrieved 2026-03-31.
- ↑ "Revolut doubles financial crime headcount since 2021 to combat fraud". RTE. 2023-10-31. Archived from the original on 2025-09-15. Retrieved 2026-03-31.
- ↑ Saulsbery, Gabrielle (2024-07-25). "Revolut faces more fraud claims than other UK banks: report". Payments Dive. Archived from the original on 2026-05-26. Retrieved 2026-05-26.
- ↑ "Revolut's Security Weaknesses and Fraud Reimbursement Failures (2020–Present)". Archived from the original on 2026-07-18. Retrieved 2026-05-27.
- ↑ Cavaglieri, Chiara (2025-10-01). "Revolut still the worst UK firm for fraud complaints, warns Which?". Which?. Archived from the original on 2026-04-24. Retrieved 2026-05-04.
- ↑ O'Connor, Kieran (2025-10-02). "Rising fraud disputes put Revolut back in the spotlight". Payment Expert. Archived from the original on 2025-10-06. Retrieved 2025-10-02.
- ↑ Shepardson, David (2026-06-05). "Why Is Revolut Bad? The Fintech Giant's Dark Side Revealed". London Insider. Archived from the original on 2026-07-17. Retrieved 2026-07-17.
- ↑ "Revolut is the absolute pits when something goes wrong". Reddit. 2026-04-26. Archived from the original on 2026-05-04. Retrieved 2026-05-04.
- ↑ "Revolut acts like they'll help in public, but will do nothing regardless. This is how they treat their customers. Be warned". Reddit. 2025-07-01. Archived from the original on 2026-07-18. Retrieved 2026-05-27.
- ↑ 29.0 29.1 "Has anyone had bad experiences with Revolut?". Reddit. 2025-08-01. Archived from the original on 2026-05-04. Retrieved 2026-05-04.
- ↑ Makortoff, Kalyeena (2023-02-20). "Revolut: can the chancellor's fintech favourite fix its image problem?". The Guardian. Archived from the original on 2026-07-17. Retrieved 2026-07-17.
- ↑ Makortoff, Kalyeena (2025-04-24). "Revolut tracking staff behaviour with points-based 'Karma' bonus system". The Guardian. Archived from the original on 2026-07-17. Retrieved 2026-07-17.