/retail banking

News and resources on retail banking, consumer finance and reinventing customer experience in finance.
Revolut leaves Canada

Revolut leaves Canada

UK-based fintech player Revolut is leaving Canada after failing to exit beta in the country.

Revolut, which has been aggressively expanding around the world over the last two years, began a Canadian beta more than 18 months ago but has now emailed users in the country to tell them that this has been ended.

The email, first seen by local site BetaKit, says: "This has been a difficult decision, but we’ll do everything we can to make this process as smooth as possible for you."

Revolut says it hopes to return to Canada but told users on Twitter that it is "not able to offer the range of services we had hoped at this stage".

The firm has not obtained a Canadian banking license, restricting the scope of its offering and preventing it from mounting a serious challenge to the Big Five banks that dominate the market.

Comments: (2)

A Finextra member
A Finextra member 17 March, 2021, 13:47Be the first to give this comment the thumbs up 0 likes

What a shame!  More competition is desperately needed.

Mark Sibthorpe
Mark Sibthorpe - msba - Pointe-Claire 18 March, 2021, 10:14Be the first to give this comment the thumbs up 0 likes

Too bad!