Revolut Is Testing Its Services in Ukraine Ahead of Potential Launch

The fintech company and a digital bank Revolut, headquartered in London, launched beta testing of its app in Ukraine and wants to enter market, Forbes Ukraine reported on Friday. 

The Ukrainian language is already available in the bank’s app. 

Currently, it is only available to a group of test users, according to an invitation letter received by a Forbes Ukraine editor. They can make international transfers without fees and issue virtual cards. 

“While we do not comment on expansion plans until the product is ready, we invite Ukrainians to download the Revolut app and join the waitlist to be notified when Revolut services become available in Ukraine,” Revolut stated in response to a query from Forbes Ukraine.

Revolut has not informed the National Bank of Ukraine (NBU) about entering the Ukrainian market, Forbes Ukraine reported, citing the bank’s press service.

Revolut was founded in 2015 by two emigrants, Ukrainian Vlad Yatsenko and Russian Nikolay Storonsky, who currently serves as CEO. 

Revolut tried to enter the Ukrainian market before. 

At the end of 2021 the startup registered an office in Ukraine and in March 2022 it enabled Ukrainians abroad to access their funds by linking the app to Ukrainian bank accounts. However, in July 2023, this option became unavailable. Since then, Ukrainians have had to confirm their right to reside in the EU to obtain a card.  

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As of March 2023, Revolut had approximately 450,000 open accounts and about 100,000 active Ukrainian users, according to an interview with Forbes Ukraine by co-founder Vlad Yatsenko.  

This year’s beta test allows users to operate in over 30 currencies, make international transfers without fees, issue a virtual card that works in over 150 countries, and add money to the accounts with foreign currency cards in dollars or euros. Topping up with hryvnia cards is not possible due to the central bank’s restrictions on import and export of foreign currency.  

Revolut holds a Lithuanian license and can operate in the EU. 

But to enter the Ukrainian market, the neobank will need permission from Ukraine’s central bank, the National Bank of Ukraine (NBU), according to a written comment from the NBU to Forbes Ukraine. 

“Financial services are provided only with the appropriate license. Violating these procedures will require a corresponding response from the NBU,” the NBU emailed Forbes Ukraine. 

The specific requirements Revolut will need to meet depend on the company’s operational format and the range of services it offers, the regulator’s press service wrote Forbes.