United Kingdom-based FinTech startup Revolut is pulling out of Canada, IT has learned, more than a year and a half after launching a beta version of its offering locally.
According to the email sent to Revolut users, account top-ups will no longer be available as of March 29; physical card ordering will no longer be available as of April 12; and account access will no longer be available as of May 15. The company stated that if customers are not able to use their remaining balance before this date Revolut will reimburse them in full.
Revolut is a UK-based challenger bank that claims to be building “the world’s first truly global financial superapp.” It offers typical banking services such as prepaid debit cards, currency exchange, stock trading, peer-to-peer payments, as well as a cryptocurrency exchange. With more than 15 million customers, it operates in more than 30 countries including in the European Economic Area as well as Australia, Singapore, Switzerland, Japan and the United States.