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Online banking app Revolut has gone down in a major outage affecting millions of users, with the company saying they are "working to fix the issue”.
Reports first emerged this morning of users being unable to access their money or use their bank cards after a system failure, with cards reportedly declined when trying to make payments, while others received an error message as they tried to log in to check their accounts.
Following widespread reports on social media, the company put out a statement to reassure its customers that it is resolving the issue and their financial assets are intact.
“We are currently experiencing a service disruption affecting multiple services. We can confirm that all our customers’ money and data are safe,” Revolut said in a statement.
“We’ve been working to fix the issue since it was identified this morning and apologise to anyone affected and for any inconvenience caused.”
The digital bank has not yet reported when it expects its services to resume, leaving millions of users unable to access their funds or make payments using their Revolut cards.
Complaints came from across the world, with users in the UK, Ireland, France, Spain, Japan and other countries all reporting disruption. It is unclear if the outage is affecting every Revolut user.
Revolut is Europe’s most valuable startup, currently worth $121.1 billion, making it more valuable than traditional European banking giants like Barclays, Lloyds and Santander.
Revolut says it has more than 80 million retail customers and is currently growing at roughly a million new users every 17 days, putting it on course to cross the 100 million customer threshold by mid-2027.
The online bank took off thanks to its many benefits when travelling abroad, including competitive exchange rates, fee-free spending, global access to ATM cash withdrawals without fees, with higher tier memberships offering medical insurance, airport lounge access and trip delay coverage.
Revolut users can also make instant transfers free of charge to one another as well as international transfers quickly with low upfront fees.
The UK-based startup’s largest markets are in the UK (13 million), Spain (6 million) and France (5 million).
More than 750,000 companies also use the Revolut Business service.