Revolut to Discontinue “Lite” Version of Its Services

While Revolut is expanding its reach in most countries, it has quietly shuttered Revolut Lite services. According to an email sent to the customers of Revolut Lite, seen by Finance Magnates, the company will end the trimmed-down service on 20 July 2024.

“We regret to inform you that we've decided to discontinue our Revolut Lite services, effective from 20 July 2024,” the email sent to Revolut Lite customers stated. “This wasn't an easy decision to make, and we want to thank you for your support and loyalty as a customer.”

The End of Revolut Lite

Revolut Lite is a simplified version of the full Revolut app that provides only basic functionalities, such as sending and receiving funds. Although Revolut promises to include more features in the future for its Lite users, the situation turned out to be the opposite.

“We've made a strategic decision to focus on offering our full suite of services when launching a product in new markets,” the challenger bank added in the email. “So when we're back, expect even more of what Revolut has to offer.”

“Until 20 July 2024, you can continue to use our services as usual. But from 20 July 2024, your account will no longer be available for sending or receiving money transfers.”

Revolut makes its Lite version available in 16 countries, including Armenia, Azerbaijan, Bangladesh, Chile, Kazakhstan, Kuwait, Macao, Malaysia, North Macedonia, Oman, Qatar, Moldova, Saudi Arabia, Serbia, Sri Lanka, and Vietnam. Now, with the termination of the services, users in these countries will be left without any services offered by Revolut.

Expanding Services in Core Markets

Meanwhile, for its customers in the European Economic Area, Revolut recently expanded its offering by adding the capability of investment in bonds. The fintech also brought a range of services, including contracts for differences (CFDs) investment through its partnership with CMC Connect.

According to Revolut, it has more than 40 million users globally. However, it is unknown how many of those users are using the Revolut Lite version of the app.