According to a message posted on Revolut user’s accounts, the popular financial application is withdrawing its services from the Republic of Moldova. The decision, which will enter into force on July 20, 2024, was communicated as follows: “We are sorry to inform you that we have decided to discontinue Revolut Lite services from July 20, 2024. It was not an easy decision, and we want to thank you for your support and loyalty as a customer,” communicate BANI.MD.
Revolut remarked that the withdrawal is not final and that it intends to return to the Moldovan market with a full range of financial services. “We have strategically decided to focus on offering the full range of services when launching the product into the new market. So when we return, expect more of what Revolut will do.”
Revolut entered the Moldovan market on July 20, 2023, with an adapted version called Revolut Lite. Revolut originally launched its money transfer and currency exchange services in 2015 in the UK, operating under regulation by the UK Financial Conduct Authority.
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In the summer of 2021, the startup Revolut obtained financing of about 800 million dollars from several investors, evaluating the company at 33 billion dollars. It made Revolut the most valuable fintech at the time, the Forbes reports.
Billionaire Nikolai Storonsky co-founded the financial app and currently serves as its chief executive officer. Storonsky renounced Russian citizenship, while his father, the director of Gazprom Promgaz, the research institute of the Russian giant Gazprom, is being targeted by sanctions imposed by the Kyiv authorities in the context of the war in Ukraine.