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Revolut Joins Hands with BRCC: Bridging Trade between UK and Romania
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In 2023, the firm processed almost 74,000 transactions per hour for its Romanian retail customers.
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Revolut Bank UAB, licensed by the European Central Bank and regulated by the Bank of Lithuania, operates in 30 EU markets.
Revolut, the British fintech company, has joined the British-Romanian Chamber of Commerce (BRCC), https://www.financemagnates.com/ informs. 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.