Back in October 2018, Revolut launched its services in Malta during the Delta Summit. The service provides an app-based account which can be opened within 3 minutes, allowing you to send domestic and international money transfers and spend abroad without any fees.
Since its launch, the fastest growing fintech company, took the island by storm with many Maltese signing up to the service. The service has been such a huge hit that locals have even created a phrase ‘Revolut me’. We’ve also seen local doctor clinics accepting Revolut and we even had media houses promoting the service. Lovin Malta published an article last July giving 7 reasons why readers should use Revolut.
Fast-forward to March 2019 and one of the most promising banking startups has been of accused of money-laundering. The Daily Telegraph, UK has reported that Revolut switched off an automated system designed to stop dubious money transfers. This resulted in thousands of illegal transactions between two months of July and September 2018.
Following the accusations, Revolut CFO Peter O’Higgins resigned. Mr O’Higgins issued a statement earlier today denying that his resignation had anything to do with the money laundering accusations. He stated it was time for him to move on and for someone more experienced in the retail banking industry on a global scale to take over from him.
What does this mean for us locals who love to Revolut? We don’t know what the future for Revolut holds. The media speculation will certainly make us think twice before making banking transactions through the app-based service.