Revolut Joins Hands with BRCC: Bridging Trade between UK and Romania

Revolut, the British fintech company, has joined the
British-Romanian Chamber of Commerce (BRCC). This organization promotes trade
and investment between the United Kingdom and Romania. Revolut has over 40
million retail customers worldwide, including more than 3.5 million in Romania.

Revolut Joins BRCC

Revolut’s services are popular among Romanians, with an
adoption rate of 43% among the working-age population. As a BRCC member, the
company aims to explore new market opportunities for its acquiring and
business-to-business products. Revolut also seeks to reinforce its commitment
to the Romanian market as a service provider, employer, and economic
contributor.

Revolut plays a role in supporting the connections between
Romanians in the UK and their families back home. The company’s technology
facilitates easier, faster, and more affordable money transfers. Its financial
products and services help customers manage various aspects of their financial
lives.

Gabriela Simion, General Manager of Revolut Bank UAB Branch
in Romania, stated: “As a British company established 9 years ago in London,
Revolut is a success story in Romania and a beloved brand in the finance
industry for millions of local customers.”

“Since entering the local market,
Revolut has been well-received by Romanian clients. Through innovation and a
focus on user experience, we have built a financial bridge between the UK and
Romania.

UK-Romania Money Transfers

Romanians use Revolut for a variety of financial activities.
These include sending and receiving money, currency exchange, making payments,
saving, lending, investing, and managing family budgets. In 2023, Revolut
processed nearly 74,000 transactions per hour for its Romanian retail
customers. The UK is the main source of international money transfers to
Romania via Revolut, with about 600,000 transactions per quarter.

In the business segment, Revolut Business customers can link
their accounts to Revolut Reader and access various tools. These include local
and international payments, foreign exchange at interbank rates, payment
requests, expense management, subscriptions, company cards, and payroll.

In Romania, Revolut operates through its banking entity,
Revolut Bank UAB. This institution is licensed by the European Central Bank and
regulated by the Bank of Lithuania. Revolut Bank UAB has expanded its banking
license across multiple EU markets and now operates in 30 markets within the
European Economic Area, serving over 30 million customers.

This article was written by Tareq Sikder at www.financemagnates.com.



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