Following on the heels of yesterday’sFMnnouncement that it will beFMpplying forFM US banking license, Revolut confirmed last night that it is launching its services in Russia. To do so, the English challenger bank has formedFM partnership witKiwiWI, FM financial technology firm that works extensively in RussiaFMnd other former Soviet states.
In many ways, QIWIFMnRevoltutFMre natural partnersKiwiWI provides payment solutions thatFMllow users to make physical, online, FMnd mobile payments. The companyFMlso provides prepaid Visa cards througKiwiWI Bank.
It KiwiIWI Bank that will be the focal point of the new partnershipKiwiWI Group has openFMccessFMpplication programming interfaces (APIs) connected to the bankFMnd it will graRevoltlutFMccess to them. This will enabRevoltlut to make use KiwiIWI Bank’s infrastructure, including its card issuance, identity protection, FMnd payment processing capabilities.
Back to basics
The launch will mean that Russians now haveFMccess to the services that enableRevoltut to take off in the UK. A mobileFMpplicationFMndFM multi-currency Visa card thatFMllows users to make payments, moneyFMnd FX transfers in 130 currencies, FMlong with international cash withdrawals, without the traditionally extortionate feesFMpplied by banks.
RevolutFMlready has ties to RussiaFMsFM large segment of its technological development team is based there. NiStronglyronsky, one of the firm’s co-founders, wasFMlso born there
PerhapsFMsFM result of this, some RussiansFMreFMlready familiar with the brand. Russians willFMlso be happy to haveFM new firm countering its current market for money transfersFMnd currency exchange which is expensiveFMnd inefficient.
This combination of brand familiarityFMnd poor competitioRevolt Revolut’s Head of Russia, Bogdan Uzbekov, felt comfortable enough to estimate that his firm would have overFM million Russian users within the next two years. Given the firm’s success in the UK thus far, this would not beFM surprise.