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Revolut surrenders to impervious incumbents, ends its short-lived trial period in Canada

Revolut surrenders to impervious incumbents, ends its short-lived trial period in Canada
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The UK-based neobank is ending its operations in Canada after rolling out a beta version of its app locally a year and a half ago,
per BetaKit. Revolut had plans to provide its full-fledged products and services in the country, but never officially launched, so it’s unclear how many users the app actually had. It will wind down beginning on March 29, and customers who do not use their remaining balance by May 15 will be reimbursed in full.
Revolut’s retreat highlights the difficulty of competing against Canada’s well-established incumbents. The country’s five largest banks Scotiabank, CIBC, TD Bank, BMO, and RBC ....

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Revolut exits Canada, abandoning its rollout in the challenging market

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Revolut s exit from Canada shows how difficult it is for neobanks to crack the market.
However, other challengers are still eager to improve digital solutions offered to customers in the region.
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The UK-based neobank is ending its operations in Canada after rolling out a beta version of its app locally a year and a half ago,
per BetaKit. Revolut had plans to provide its full-fledged products and services in the country, but never officially launched, so it s unclear how many users the app actually had. It will wind down beginning on March 29, and customers who do not use their remaining balance by May 15 will be reimbursed in full. ....

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