The firm officially terminated its services for beta users from March 15, 2021, an official email from Revolut acquired by BetaKit indicates. The firm that boosts almost 15 million users across its different markets will gradually withdraw various Canadian services. As of March 29, account top-ups will not be available, with physical card ordering ending by April 12. All accounts will no longer be accessible from May 15. Revolut hinted that it might make a comeback to the Canadian market while promising a smooth transition. Although the platform has not issued the main reason for exiting the market, a Twitter post states it could not offer the services it hoped for.
Canada’s challenging market
Since unveiling the app’s beta version, Revout’s official launch in Canada never materialized. The launch was potentially hampered by several factors, including the nature of Canadian banking licenses that are deemed challenging for new entrants. Furthermore, Revolut is facing competition from Canada’s firm Wealthsimple. The fintech startup has established itself as a local alternative to traditional banking. Wealthsimple product portfolio of Trading, Crypto, and Cash offer direct competition to Revolut. Amid the Canadian market exit, Revolut is still expanding after acquiring a license to offer banking services in over ten European countries. The bank is also applying for a banking license in the UK after receiving approval from Lithuanian authorities.
