Partnering with Revolut to transform digital finance
weekly active users
of transactions processed with significant cost savings
verification of accounts
Founded in 2015, Revolut is a financial technology company that makes managing money seamless for it’s 10M+ global users.
Alongside offering an account, credit, and debit cards, Revolut also offers users fee-free currency exchange, commission-free stock trading, cryptocurrency exchange, peer-to-peer payments, and more.
Revolut’s ambition is to build a truly global bank that enables people to manage all of their finances from one place, becoming the primary bank account for its users. To achieve this, they needed to reduce the complexity of managing users with multiple external accounts, and eliminate high transaction fees. This led them to TrueLayer.
We see TrueLayer as a world leader in the Open Banking space. Like us, they have an aggressive roadmap that touches many different aspects of Open Banking. This, coupled with an incredibly smart team, made TrueLayer a great match for us.
Joshua Fernandes,
Product Owner - RevolutThe Challenge
Revolut was facing a series of challenges in its effort to unify and streamline finance for its users.
Users have multiple bank accounts with different providers
Most Revolut users have an account with a high-street bank alongside their Revolut account. This makes it difficult for them to get a complete view of their finances without having to log into multiple websites and apps. Revolut also wanted to enable users to leverage their financial data to access better financial products.
Topping up accounts using traditional methods was time-consuming and costly
Adding funds to a Revolut account using a bank transfer was time-consuming, requiring the user to log into their external bank’s website or app to set up and initiate a payment. Adding funds using a credit or debit card was also a disjointed experience for users with a high-risk of fraud and additional transaction fees.
We were looking for a way to fix these broken processes which ultimately result in unnecessary costs and mismatched financial products for our customers. We also wanted to contextually introduce users to the new financial products that Revolut has to offer in a way that was tailored to the needs of each customer. Using TrueLayer we were able to instantly leverage Open Banking to do this.
Joshua Fernandes,
Product Owner - Revolut
The Solution
First, the Revolut team began using our Data API, enabling their users to connect all of their external bank accounts to Revolut and manage everything from one place. This gave users greater visibility and control over spending and budgeting.
This also meant Revolut could recommend new products to help users save money on things like loans, credit cards, overdrafts, and international transfers.
Next, Revolut began using the Payments API to enable users to top up and access funds instantly, in real-time, without having to enter card details or share their bank credentials.
With the Payments API, funds are transferred directly between bank accounts rather than through a separate payment network, which minimises cost and processing times. Payment authorisation takes place directly with the bank, making the entire process extremely secure.
Delivering a seamless experience to our UK retail and business customers is hugely important for us. We want customers to get instant value from the wide variety of new features we are building. When our customers say it’s easy to connect their external accounts using the TrueLayer integration, that’s a huge tick for us.
Joshua Fernandes,
Product Owner - RevolutThe Results
Today, Revolut uses TrueLayer to enable users to instantly link their bank accounts to the app, and to facilitate top ups and transfers between accounts. This has resulted in numerous benefits for Revolut, including:
2x increase
in weekly active users with linked open banking accounts since integrating
Millions
of transactions successfully processed with significant cost savings
Instant
account verification to enable seamless onboarding and payments
When deciding which provider to work with on it's Open Banking launch, Revolut chose to work with TrueLayer due to our scalability and superior developer experience.
The entire process to get up and running and start experimenting with TrueLayer was quick and painless. We found their platform robust and developer-friendly, and we’re already realising the benefits.
Joshua Fernandes,
Product Owner - Revolut