Revolut, the digital banking alternative, has today announced that over 150,000 customers have started saving via Vaults since its launch in April. The feature enables users to round up and save the spare change from every card purchase and has already lead to Revolut customers saving over €5.7 million in spare change so far.
Two weeks ago, London-based Revolut has raised an additional $250 million in additional funding which saw the London-based fintech increase its valuation 5x in less than a year to $1.7 billion – becoming one of the fastest tech companies in Europe to reach unicorn status.
Founded in 2015, the fintech today also announced that, to date, users have saved in all of their 25 supported currencies, as well as Bitcoin, Litecoin and Ether. The most popular currency for savings is Euros, closely followed by British Pounds and Polish zloty.
Revolut has also revealed that the most popular reasons for saving money are for holidays, cars and weddings, while over 350 people have created a Vault to save for a trip to space!
Revolut is also looking into the possibility of partnering with a number of charities to allow customers to donate the contents of their Vaults to a selected charity each month. Customers were recently asked to vote on social media whether they would like to see the feature added to the app, which received a hugely positive response.
One-off or regular payments can also be added to a Vault at anytime in just a few seconds via the Revolut app. If users feel like saving more or less at any point, the Vault settings can be easily adjusted in the Revolut app and money can be withdrawn instantly at anytime.
Revolut launched in July 2015 with a mission to turn the financial banking sector on its head. With Revolut, users can set up an app-based current account in 60 seconds, spend abroad in over 150 currencies with no fees, hold and exchange 25 currencies in-app and send free domestic and international money transfers with the real exchange rate.
Since its launch Revolut has signed up over 1.7 million customers across Europe and processed 60 million transactions with a total volume transaction of $12 billion to date.