Revolut Expands Reach With New Web App

Need to Know

• The UK-based fintech Revolut, which until now has been mobile-only, is launching a web application allowing users to access their information via desktop or laptop.
• Account-holders can freeze or unfreeze cards, adjust safety settings, top-up their accounts, and contact Revolut support via the web app.
• Revolut has more than 13 million customers across the European Economic Area, Australia, Canada, Switzerland, Japan, and the US.

Analysis

Online-only bank Revolut is transitioning from mobile-only, launching a web app on December first in response to demand from its customer base.

Revolut account-holders can now top up their accounts, adjust security settings, and freeze or unfreeze cards via the fintech’s web app, which provides a total overview of an account holder’s card data and account activity. Customers can also contact Revolut support from within the web app.

While some Revolut features will still be accessible exclusively through the company’s app, the new web application will prove useful to those who may have lost access to their mobile phone or bank card. Revolut will send a push notification so you can authorize web browser access, but in the event that a customer has lost their phone, they can choose to receive this notification via email. But if you’ve lost your phone, you also can choose to receive a security code via email.

“Account access through a browser is highly requested by our customers, so we’re delighted to have built a safe and convenient web app that everyone can use when they need it,” Revolut CEO and founder Nik Storonsky said of the move to web. “Our customers can now access their money anywhere and at any time, even if they don’t have their phone or card, or if they simply prefer checking their account from a computer. It’s great to have the extra convenience and flexibility of an online option.”

In addition to the rollout of a new web app, Revolut also announced this week that it would be launching a new feature in the UK that allows users to receive salary payments a day early. The feature is an extension of Revolut’s existing partnership with Modulr, the payments-as-a-service company. The company also recently launched a feature called Co-Parent that allows parents to supervise their children’s’ spending and saving habits on their Revolut Junior accounts.

Revolut’s web launch reflects a fintech playing field that has become increasingly competitive this year, as online banking and payments infrastructure has increased in popularity due to COVID-19. Many fintechs, including Revolut, are stepping in to fill gaps left empty by traditional banks: PayPal, for instance, posted two record-breaking quarters as it partnered with major retailers to roll out contactless payment options. Traditional banks, too, are rushing to innovate, including JPMorgan, which has announced plans to launch a digital-only consumer bank in the UK in 2021; TD Bank, which has launched an online accounting tool; and HSBC, which has introduced real-time payments tools, all within the past three months.