Fintech startup and challenger bank Revolut's launching an Amazon Prime-style subscription for banking

Lynsey Barber
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Subscription banking online is here (Source: Revolut)

Fintech startup Revolut is launching an Amazon Prime-style subscription service as part of ambitious plans to monetise and is embarking on plans to raise millions of pounds in fresh funding.

A premium account priced at £6.99 per month or £72 per year will give users access to unlimited money transfer services at interbank rate without fees via the Revolut app.

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They will also get a premium Mastercard with an ATM withdrawal limit twice the size of a basic account, overseas medical insurance and round the clock customer support. The startup is also promising further benefits down the line.

"Revolut Premium will be an all-you-can-eat membership program for a new generation of digitally-driven demanding consumers who feel disengaged from their current financial service providers," said founder and chief executive Nikolay Storonsky.

And the money transfer startup turned challenger bank, which launched a current account earlier this year and boasts more than half a million customers, is planning to raise fresh funds to fuel further "aggressive" growth.

The 18-month-old startup will crowdfund up to £4m from individuals on Seedrs, giving priority to its first 5,000 customers who sign up to the premium service. The crowdfunding will form part of a series B fundraising from venture capital investors.

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Previous backers of Revolut include Balderton Capital, Index Ventures, Seedcamp and Ribbit Capital putting in $15m (£12m) while it last year raised £1m in an oversubscribed crowdfunding campaign.

Revolut last week unveiled a loans product, partnering with peer-to-peer lender Lending Works, and is in the process of launching a platform aimed at businesses rather than consumers, to handle payments, payroll and corporate travel.

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