Revolut systems glitch hits services for several hours

Fintech says issue resolved after users had problems accessing some online banking functions

Revolut says a glitch in its systems has now been fixed

Revolut says a glitch in its systems has now been fixed

 

Fintech provider Revolut has said a glitch in its sytems has been fixed and customers can now use its banking services as normal.

The statement released on social media came after a breakdown that lasted several hours on Friday morning and led to users experiencing difficulties accessing certain functions of the online banking app

“We’re currently facing some technical issues which are affecting our app’s functionality - including top ups, exchanges and other features,” it said in a statement. The start-up stressed card payments were processing normally.

Revolut, which is valued around $1.7 billion (€1.49 billion) and claims 200,000 Irish customers, has grown rapidly over the past year and now boasts more than three million customers.

As user disquiet grew over Friday morning the company appeared to have resolved the issue and within two hours posted an update saying: “back up and running again! App functionality has been restored and all systems are running smoothly. Apologies for any inconvenience and thank you for your patience and continual support”.

The problem has come at a bad time for the company and just hours after it confirmed it had lost chief financial office chief Peter O’Higgins, who left the company at the beginning of the year,

“As Revolut begins to scale globally and applies to become a bank in multiple jurisdictions, the time has come to pass the reins over to someone who has global retail banking experience at this level,” Mr O’Higgins said in a statement.

The news came as Revolut faces accusations it broke banking rules by shutting down an automatic system that prevents suspicious money transactions on its platform for three months last year.

Its hiring and corporate culture has come under fire after Wired magazine reported it asked job applicants to work for free and insisted staff work long hours, including at the weekends.