Revolut, the British fintech company, has joined the British Romanian Chamber of Commerce (BRCC). This organization works to promote trade and investment between the United Kingdom and Romania. Revolut has more than 40 million retail customers worldwide, including more than 3.5 million in Romania.
Revolut joins BRCC
Revolut's services are very popular among Romanians, with an adoption rate of 43% among the working-age population. As a member of BRCC, the company aims to explore new market opportunities for the procurement of its products and B2B products. Revolut also seeks to strengthen its commitment to the Romanian market as a service provider, employer and economic contributor.
Revolut plays a role in supporting links between Romanians in the UK and their families back home. The company's technology makes transferring money easier, faster and more affordable. Its financial products and services help customers manage various aspects of their financial lives.
“As a British company founded 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,” said Gabriela Simion, General Manager of Revolut Bank UAB Romania Branch.
“Since entering the local market, Revolut has been well received by Romanian customers. Through innovation and focus on user experience, we have built a financial bridge between the UK and Romania.
UK and Romania money transfers
Romanians use Revolut for a variety of financial activities. These include sending and receiving money, converting currencies, making payments, saving, lending, investing, and managing household budgets. In 2023, Revolut processed approximately 74,000 transactions per hour for Romanian retail customers. The UK is the main source of international money transfers to Romania via Revolut, with around 600,000 transactions each quarter.
In the business sector, Revolut Business customers can link their accounts to Revolut Reader and access various tools. These include domestic and international payments, foreign exchange at interbank rates, payment requests, expense management, subscriptions, company cards, and payroll.
In Romania, Revolut operates through its banking entity, Revolut Bank UAB. This institution is licensed by the European Central Bank and regulated by the Bank of Lithuania. Revolut Bank UAB has expanded its banking license across several EU markets and now operates in 30 markets within the European Economic Area, serving more than 30 million customers.
This article was written by Tariq Sikdar at www.financemagnates.com.