Fintech startup Revolut pulls out of several countries, promises swift return
Users flummoxed by texts telling them to shift funds by Monday
Exclusive Payment service Revolut has contacted users in several countries to warn them that funds in their accounts will disappear if not transferred to a bank by November 21.
Revolut offers its customers a MasterCard to which they can load their own funds. The company's schtick is automatic payment in foreign currencies, at excellent exchange rates, a combination it pitches at travellers and online shoppers.
The company's something of a “fintech” darling, claiming customers had loaded US$500m to its cards in its first ten months of operations.
But The Register has now learned that the company has sent SMS messages to customers in Australia, Russia and the US advising that its service will be temporarily suspended.
An Australian customer sent us the message, which reads as follows:
As of November 21, your RevolutCard will become inactive as we do not operate in your country. We expect this to be a temporary measure and are sorry for the inconvenience.
Please transfer any remaining funds in your Revolut account back to your bank via a single bank transfer.
Thanks for being an early adopter, we're sure our services will be available in your country again very soon!
A search of Revolut's Twitter feed suggests users in France and Russia have received similar messages.
@cedricjacquiot Yup! Really sorry about this Cedric 🙁— Revolut (@RevolutApp) November 17, 2016
Revolut's other social feeds and their web site are silent on the matter. The Register has contacted the company for comment, but has not received a reply at the time of writing. We have also asked MasterCard if its relationship with Revolut has changed in any way. Again, we have not received a reply at the time of writing.
If either company contacts El Reg, we will update this story. ®