What you need to know

Revolut is a UK based currency service. It is making the most out of its extensive user base of more than 500.000 users. After sealing a deal with MoneyFarm to refer customers to their robo investment service, it is now offering instant credits for consumers for big purchases, home improvements, etc. They have added P2P lending to their app. Applying for lending takes less than 5 minutes. Revolut says you’ll end up paying £52 to borrow £1,000 over a year — that’s a 9.9 percent representative APR, and customers can get loans betweeon £500 and £5000.

Why this is important

Revolut’s news follows German N26, which started offering credit lines in February. Revolut seems to like the aggregator model, where it chooses products from other vendors to integrate into their online app. We can expect more aggregators with a strong brand offering products from other less know suppliers. This is the infancy stage of open banking.

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