In July 2023 fintech company Revolut announced the launch of Revolut Lite , a streamlined version of the Revolut app in Armenia. Banks.am spoke with Dominik Zins, head of Revolut Lite, about the opportunities offered to Armenian users.

If there is no solution, create by your own

Young enthusiasts Nik Storonsky and Vlad Yatsenko were looking to find a way to avoid high commissions applied by banks on currency exchange. They soon realized that the solution they were looking for did not exist and decided to create it themselves. This is how the Revolut was founded in UK in 2015.

“Revolut was born as a multicurrency account offering money transfer and exchange at competitive rates and no hidden fees, unlike many traditional banks", said Dominik Zins.

Over the years, the app has become a superapp, a place where almost any services connected with money could be found: starting with analytics and budgeting tools to cashback and shopping with many recognized brands”, said Dominik Zins.

Today, over 30 million customers across 40+ countries use Revolut for their financial needs and to be seamlessly connected with family and friends across the world. For the future the owners intend to continue their journey in making money more accessible to everyone,

Today, Revolut has over 30 million customers across more than 40 countries. The company intends to continue expanding its network around the world, allowing more people to get control of their money.

Entering Armenian market for the benefit of the locals

Revolut Lite is also used in Armenia today.

“Many Armenians live overseas and Revolut can be very helpful in responding to their needs for cross-border transfers, as well as domestic transfers of course due to the competitive rates”, said Dominik Zins.

Armenian users can make three different kinds of transfers using the Revolut Lite app: peer-to-peer, bank transfers, and card transfers.

"Sending money between Revolut customers (peer-to-peer) is secure, quick, and has no transfer fees. With Revolut, it is now possible to send and receive money in a few seconds in over 40 countries of the world, such as Great Britain, European Economic Area countries, USA, Japan, Singapore, New Zealand, Brazil, etc.”, said the Head of Revolut Lite.

In addition, customers can also use Revolut’s global money transfer infrastructure, to send and receive money to and from non-Revolut bank accounts and cards. For this, Revolut applies a transfer fee of 1% and 3% respectively, subject to a minimum fee of USD 1. Any transfer fee is displayed in the app before a customer taps the button and a competitive exchange rate is offered for international transfers.

On occasion of the launch, the those fees will be waived off till 30th August, 2023 and during this interim, customers will be able to experience a fee-free welcome into Revolut Lite.

According to Dominik Zins, although they have entered the Armenian market just recently, they already notice an increase in interest in their product and innovation in general:

“We hope that this is the initial step of fruitful growth”, he concluded.

Gaiane Yenokian