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Fintech Revolut leaves Canada after 18 months

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After around 18 months in the country, the fintech startup withdraw operations

According to the media, Revolut, a digital banking startup, after 18 months of launching its beta version in Canada, suspends operations in the country. Revolut has been aggressively expanding around the globe in the past two years. After 18 months in Canada with the beta version, the company sent out emails to their customers stating the withdrawal from the country.

According to a local media, the email cited, “This has been a difficult decision, but we’ll do everything we can to make this process as smooth as possible for you. We really appreciate your support and trust as we work on our global expansion and we hope to be able to return to Canada in the future.”

Revolut also tweeted that it had “hoped to be able to bring Canada the full Revolut service but that is not possible at the moment. We think it’s in the best interests of our customers to pause for now and we hope in the future we’ll be able to return to Canada when we can offer the full suite of Revolut services.”

Revolut offers traditional banking services ranging from debit cards, currency exchange, stock trading to a cryptocurrency exchange. It is currently serving 15 million-plus customers in more than 30 countries. It has operations throughout Europe, Japan, Australia and the US owing to the Covid-19 pandemic which widely embraced digital banking.

The firm has not acquired the Canadian Banking license, restricting the scope of its offering and preventing it from mounting a severe challenge to the big five banks that dominate the market.

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