Revolut has joined the British-Romanian Chamber of Commerce

Aurel Dragan 07/06/2024 | 16:07

Revolut, the British fintech with over 40 million retail customers globally and more than 3.5 million in Romania, has become a member of the British – Romanian Chamber of Commerce, the premier business-led organisation promoting bilateral trade and investment between the United Kingdom and Romania.

 

By joining this business organisation, Revolut marks its sixth anniversary since the launch in the local market, and celebrates its leading position in the local fintech industry. The digital bank enjoys a high popularity among the local customers, with an adoption rate of 43% of the population at working age (15-64 y.o.). Building on the success obtained among the retail customers, Revolut foresees to strengthen its positioning as one of the most trusted banks for the entrepreneurs and local companies. As a member of the BRCC, Revolut will identify new market opportunities for its acquiring and B2B products and will prove its commitment to the local market as a banking services provider, employer and contributor to the Romanian economy.

Gabriela Simion, General Manager of Revolut Bank UAB Branch in Romania, stated: “As a British company established 9 years ago in London, Revolut is a success story in Romania and a beloved brand in the finance industry for millions of local customers. Since entering the local market, Revolut has been well-received by Romanian clients. Through innovation and a focus on user experience, we have built a financial bridge between the UK and Romania.

Revolut supports the strong ties between hundreds of thousands of Romanians working and living in the UK and their families. Thanks to our technology, money transfers across borders are now easier, faster and more affordable. Our diverse portfolio of financial products and services help our customers navigate all the key moments of their financial lives. We are grateful for the confidence shown by our Romanian customers and are committed to continuously adapting and optimizing our services to fulfill their needs and meet their expectations.”

Mădălina Cîinaru, Executive Director British-Romanian Chamber of Commerce, said: ”We are thrilled to extend a warm welcome to Revolut as they join our esteemed British-Romanian Chamber of Commerce Community, embodying the very essence of British values. As we embark on this journey together, connected by our shared culture and heritage, the dynamism of BRCC business community alongside Revolut’s commitment to innovation and excellence create the perfect base for us to collaborate on impactful initiatives.”

Romanians use Revolut to send and receive money locally or internationally, to exchange in over 30 currencies, to pay their expenses in person or via e-commerce platforms, to give pocket money to their children, to save money, to lend money, to invest in stocks, ETFs or commodities, to manage their family budget. In 2023, almost 74,000 transactions/ hour were processed for the Romanian retail customers. Last but not least, the UK is the main source of international money transfers to Romania via Revolut, with almost 600,000 transactions per quarter (source: internal data, for Q1 2024) and +43% increase in total sent amount in Q1 2024 vs. Q1 2023.

In B2B segment, with Revolut Business, a customer can connect a business account to Revolut Reader and gain free access to the growing suite of smart Revolut Business tools (local and international payments, foreign exchange at interbank rate, payments requests, expenses, subscriptions and company cards management, payroll).

In Romania, Revolut offers its products and services through its banking entity Revolut Bank UAB, a financial institution licensed by the European Central Bank and regulated by the Bank of Lithuania. The company made efforts to passport the banking license in as many EU markets as possible. Currently, Revolut Bank UAB operates in 30 markets in the European Economic Area (EEA) and has over 30 million customers, both retail and business.

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Aurel Dragan | 06/06/2024 | 16:28
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