Revolut said customers will now be able to see all their financial accounts inside its banking app – promising them a 360-degree view of their finances for the first time.
The UK’s largest challenger bank said today its British customers are now able to connect to external money accounts “allowing them to see all of their balances and transactions in one single app”.
The bank, which claims to have amassed 10 million customers primarily in the UK and across continental Europe, said the move will also allow customers to “set budgeting controls for their Revolut and external accounts, giving them greater control over their entire financial lives”.
The move is one of the clearest examples of Open Banking working in the UK market, which aims to promote competition among financial service providers.
Increased banking competition
Revolut competes against other challenger banks such as the UK’s Starling Bank and Monzo, as well as Germany’s N26.
A change in European Union law at the start of the year ushered in Open Banking, meaning consumers can allow businesses, other than their bank, to access their financial data.
Advocates say this allows customers to get better deals, such as cheaper overdrafts, and speed up switching between banks and other services.
However, meaningful adoption of this technology has been piecemeal among fintech and major banks alike this year.
But Revolut product owner for Open Banking Joshua Fernandes said: “With the launch of our new Open Banking feature, UK customers can now view and manage multiple external bank accounts, enabling them to interpret their day-to-day spending across all of their accounts.”
Revolut has worked on the project with London-based Open Banking software pioneer TrueLayer, which has already has established partnerships with a range of leading fintechs such as Monzo, Zopa, ClearScore and CreditLadder.
TrueLayer co-Founder and chief executive Francesco Simoneschi said: “Revolut has a huge, rapidly growing customer base that will now benefit from gaining a 360 view of their financial health. This is exciting because, for years, people haven’t been getting enough value from traditional banks – paying more than they should on interest and not benefiting from a unified view of their finances.”
Revolut was founded by former Credit Suisse trader Nik Storonsky (pictured, right) and former Deutsche Bank systems engineer Vlad Yatsenko (pictured, left), in 2015.
The digital bank has raised around $340m from venture capital firms such as Index Ventures, Ribbit Capital, Balderton Capital and DST Global.