British fintech Revolut launches banking app in U.S.

British fintech firm Revolut Ltd on Tuesday launched its banking app and debit cards for customers in the United States as it seeks to expand beyond its base in the UK and Europe. The rapidly growing app started in 2015, has added 10 million users and raised $836 million in funding to date.

Revolut said its app will enable users to deposit their salary, keep a track of their spending and set monthly budgets for travel and groceries. The company also said it intends to offer commission-free stock trading and cryptocurrency trading in the near future, making it potential competition for U.S. fintech firms such as Robinhood.

Revolut raised $500 million in February in a fresh funding round, led by U.S. investment firm TCV, pumping its valuation to $5.5 billion.