Digital Bank Revolut Faces Major Outage
Digital bank Revolut had a major outage on Wednesday, affecting millions of users worldwide. Customers reported being unable to access their accounts, make payments, or withdraw cash. The company confirmed that its app and several services were partially unavailable but assured users that their funds and data were safe.
Revolut stated that it identified the issue early in the day and worked to fix it. Users received error messages when trying to log in or perform transactions. The outage impacted various services, including card payments, transfers, and cryptocurrency transactions. Complaints came from several countries, including the UK, Ireland, France, Spain, and Japan.
The outage may be linked to problems with Google Cloud services, which Revolut uses for its operations. Google reported increased errors and network failures in its cloud services, affecting several fintech companies. Revolut did not provide a timeline for when services would be fully restored but apologized for the trouble caused to its customers.
Revolut, valued at $121.1 billion, is Europe's most valuable startup, with over 80 million retail customers. The company has been growing quickly, adding about a million new users every 17 days. It is on track to reach 100 million customers by mid-2027. For more details on Revolut's recent achievements, see our article on Revolut's US Bank Charter Approval.
The outage could lead to more scrutiny on digital banking platforms and their reliance on cloud services, especially in the fintech sector. Users may look for alternative banking solutions during this disruption. This could impact user growth for Revolut and similar companies. Watch for updates on the restoration of services and any potential effects on Revolut's customer base and operations.
Based on reporting by: euronews.com, theguardian.com