The Revolut app lets people open a current account quickly and exchange currencies at the interbank exchange rate. Users can transfer money in 23 currencies to any bank in the world and spend in 120 currencies with a contactless Mastercard without paying fees.

Co-founders Vlad Yatsenko and Nikolay Storonsky launched the London-based fintech startup in 2015 after successful careers at leading investment banks. So far, more than 540,000 people have used Revolut and the company is targeting one million customers globally by the end of 2017.

The banking and foreign exchange challenger has raised around $15m (£11.6m) from investors including venture capital firms Point Nine, Index Ventures, Seed Camp, Balderton Capital and Ribbit Capital. Revolut hopes to raise a further £4m through the Seedrs crowdfunding platform this year.