United Kingdom-based FinTech startup Revolut is pulling out of Canada, BetaKit has learned, more than a year and a half after launching a beta version of its offering locally.
In an email shared with Revolut Canada beta users and obtained by BetaKit, the company stated it is “discontinuing [the] Revolut Canadian beta from March 15, 2021.” A Twitter comment from the company confirmed Revolut is closing its Canadian operations.
“This has been a difficult decision, but we’ll do everything we can to make this process as smooth as possible for you,” the email stated. “We really appreciate your support and trust as we work on our global expansion and we hope to be able to return to Canada in the future.”
“We’re very sorry to be announcing this today but have taken the difficult decision to discontinue our Canadian beta for now,” a spokesperson for Revolut Canada said in a statement to BetaKit when reached for comment.
“We very much hope to be able to return to Canada in the future but we’re sorry to be saying au revoir until then,” they added.
The Canadian market has presented its challenges, however. Banking licenses in Canada are notoriously difficult for newcomer financial service providers to obtain. The Canadian banking market is an oligarchy of five or six main banks, according to BetaKit.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
