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Revolut leaving Canadian market

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Revolut leaving canada - Revolut leaving Canadian marketUnited 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.

See: Nov 20, 2017: NCFA Canada Welcomes Competition Bureau’s recommendations to encourage competition and innovation in Canada’s financial services sector

According to the email sent to Revolut users, account top-ups will no longer be available as of March 29; physical card ordering will no longer be available as of April 12; and account access will no longer be available as of May 15. The company stated that if customers are not able to use their remaining balance before this date Revolut will reimburse them in full.

Revolut has been working to launch a full-fledged Canadian service since 2019. In November of that year, the company began providing early access to accounts for Canadian users ahead of an official launch within the country. However, that launch never came to fruition outside of the beta offering.

Revolut’s Canadian head of strategy and operations manager, Saud Aziz, spoke with BetaKit in 2019 about some of the challenges Revolut and fellow challenger banks face in Canada.

He noted at the time that regulators need to understand that Canada shouldn’t have a binary framework between existing as only either a bank or not a bank. He added that regulatory change is necessary but only likely to come from Canadian consumers demanding change.

The spokesperson pushed aware concerns around competition and regulation, stating “we’ve no issues with competition or regulation. Those things exist in every market we’re in and we think both are good for customers.”

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