Competitor update

Revolut are rethinking their pricing -

The foreign exchange startup turned challenger bank has scrapped its fee of 0.5 per cent on international money transfers of up to £5,000 each month.

It will also launch an innovative new feature called “Turbo” that lets users pay £5 to speed up the transfer from three to five business days to between one and two.

I’m sure they were also thinking about the fact that Monzo & Starling are building TransferWise’s service into their apps. It’ll be interesting to see whether this is sustainable for them (in other words, whether enough users are willing to pay the £5 fee, to cover the cost of the free tier) or not.

The article also mentions that their next round of fundraising -

will help fuel aggressive growth plans, which include international expansion and the launch of Revolut for Business.