British fintech startup with Russian founders, Revolut is leaving the Canadian market after more than a year and a half since the launch of the beta version of its service, Bloomchain.ru reports, noting that Nikolay Storonsky’s company has started closing down all operations in the country.

In an email to Canadian users, the startup informs that they will not be able to fund their Revolut accounts starting from March 29. From April 12, the startup will stop accepting applications for plastic payment cards, and from May 15, Revolut will cease serving customer accounts. Revolut promises a full refund to the customers who don’t manage to withdraw their money by that time.



Revolut has confirmed this information on Twitter. The startup does not rule out it might return to Canada in the future.

The startup has begun working on the Canada launch in 2019. The same year, Revolut released a beta version of its service, giving users access to accounts before to the official launch. However, the project never came out of the beta stage.

 “The closure of operations is likely due to two key factors: the difficulty of obtaining a banking license in Canada and the competition from local fintech startups. Curiously, earlier Revolut management called Canada one of the priority foreign markets,” Bloomchain.ru writes.

It should be noted that founder of Tinkoff Group (TCS Group) Oleg Tinkov has recently named Revolut CEO Nikolay Storonsky among the business people who will become the richest people in Russia within 5 years. In addition to Storonsky, “Tinkov’s top” includes founder of Telegram Pavel Durov and co-founders of gaming company Playrix, brothers Dmitry and Igor Bukhman.

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