Revolut will hire “white hats” to break and then regularly test its own security system.

Rusbase business portal reports that the specialists of Revolut information security team will monitor its vulnerabilities and analyse the “dark net” in terms of risks to prevent cyber-attacks and information leaks.

The company also intends to modernize its own IT platform to avoid dependence on the traditional banking infrastructure, which Revolut considers unreliable.

The company thinks that the traditional banks will acquire fintech startups to strengthen their security.

“The most reasonable option for a bank is acquiring a fintech startup and offering its infrastructure to the clients,” said Paul Heffernan, Revolut’s chief information security officer.

According to him, large banks with multi-million customer base don’t have time for the development of solutions for strengthening their security, as they can’t risk their reputation and revenues because of the downtime.

Banks.am reminds that Revolut fintech startup was founded in 2015, London. The Co-founder is Moscow Institute of Physics and Technology graduate Nikolay Storonsky.

Initially, it produced debit cards that clients could use for purchases in any country, exchanging the currency by the interbank exchange rate.

In 2017 the startup raised USD 250m in total, taking its worth to USD 1.7bn.

At the end of 2018 Revolut received a European banking license in Lithuania.The license enables Revolut to launch a range of new services in Lithuania, UK, France, Germany and Poland.

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