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Home Challanger banks Revolut's new app 7.0 is a financial super app

Revolut’s new app 7.0 is a financial super app

Revolut is now providing its customers with the latest 7.0 version of its banking app. The recent updates will create a financial super app for its users, according to a Revolut’s press release. 

The updated app promises to “reimagine and redefine” it’s offering to customers. With that, it splits the interface into a Home tab and a Wealth tab.

The Home tab includes connected Revolut and open banking accounts. Through the Wealth tab, users are able to trade stocks, cryptocurrencies as well as commodities.

Read also: Revolut’s next step is acquisition of smaller fintech companies

Revolut’s customers are able to get the daily interest paid into their savings vault or put away cash as part of a group vault. Revolut is making investing easier while implementing trading access to global companies as many trading platforms and apps do, but it is the only option they provide.

Cryptocurrency trading has been so far very popular amongst Revolut’s customers. The number of users buying cryptocurrencies rose 68 percent from 20 April to 4 May 2020, with the average amount purchased increasing by 57 percent and the amount bought per trade increased 63 percent.

“While Revolut originally started out to make traveling abroad 10x more convenient and affordable for everyone, the fast-growing fintech has been rapidly expanding it’s offering and is now strategically investing in products and experiences that bring even greater value to over 12 million customers, everyday.”

The company’s CEO and co-founder, Nikolay Storonsky, sees “a real opportunity” for Revolut to become even stronger after the crisis. However, Revolut is definitely suffering a serious hit to its revenues since lockdowns around the world caused a drop in card transactions and people don’t need Revolut’s traveler perks.

Still, Strononsky is likely going to double down on Revolut traveler perks anyway: “A lot of travel aggregators are in trouble at the moment — we could probably purchase one and sell flight tickets at cost and be 10 to 15 percent cheaper than everyone else,” he said last month.

Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

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