Revolut has expanded its products and services to Ukrainian consumers in line with the company’s ambitions in the wider Central and Eastern Europe (CEE) region.
The company announced this morning (11 February) that it has made a range of financial products available to Ukrainians, including instant peer-to-peer payments and foreign exchange services.
It also plans to launch its virtual and physical cards in the market, with the products now available to order. Available physical cards include the new ‘Clear Sky Visa’ card, with a design based on the Ukrainian flag.
The launch showcases the wide geographic range of Revolut’s ambitions, with much of the publicity around its expansion over the past year being in markets far from its London HQ, like the US, Mexico and New Zealand.
Vlad Yatsenko, Co-founder and CTO of Revolut said: “I am immensely proud of Revolut’s continuous support for Ukraine. A record number of Ukrainians have joined our waiting list to be among the first to get their Revolut account.
“Interest in Revolut and digital banking services is soaring in the CEE region. Starting today Ukrainians can open a Revolut account and access our most popular products, with even more coming soon.”
Revolut also states that it has taken note of the amount of cross-border transactions heading into Ukraine, however. Many Ukrainians now live abroad due to the Russian invasion but still have friends and family living in Ukraine, with over €1bn transferred from Germany, the UK, Ireland, Poland and the Netherlands.
The launch also shows that the Ukrainian government continues to pursue economic and business opportunities in the face of Russia’s invasion, now in its third year. To facilitate its Ukrainian expansion, Revolut partnered with Diia, the country’s e-government platform.
Last year was an active one for Revolut, with the company securing a banking licence in Mexico followed by a long-sought-after licence in its founding market, the UK, while filing applications for licences in the US and New Zealand.
It is also looking to expand beyond the boundaries of its fintech origins and take on tasks in the traditional banking sector, including lending. The rollout of some of its banking services to Ukrainians, further enlarging its consumer base, will further serve these ambitions.
Lastly, last year also saw the launch of Revolut X, the company’s in-house cryptocurrency exchange. While it appears this has not been included in the latest rollout of its Ukrainian offering, it could one day prove popular with consumers in the country, which has the sixth highest adoption rates in the world according to Chainalysis.
“We are delighted that our technology will allow Ukrainians to open European bank accounts,” said Dmytro Strelchuk, Revolut’s Head of New Markets Launch.
“It will facilitate free and instant money transfers across Revolut’s global community of 50 million users and will help to increase the flow of funds into Ukraine for people who want to support their families and relatives at this challenging time.“
