British fintech startup Revolut launches banking app in U.S.

On Tuesday, Revolut Ltd, a British fintech firm, launched its banking app and debit cards for U.S. consumers in a step aimed at increasing its userbase beyond that of just the UK and Europe.

Revolut, which started in 2015, has added 10 million users and has raised $836 million in funding till date.

In a statement, Revolut said, its app will enable users to deposit their salary, keep a track of their spending and set monthly budgets. In the near future, the startup also aims at introducing commission-free stock trading and cryptocurrency trading making it a potential competitor to U.S. fintech firms such as Robinhood.

Earlier in February, Revolut raised $500 million in its latest funding round, which was led by U.S. investment firm TCV, and which saw its valuation touch $5.5 billion.

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