The duo said that they started Revolut because they were frustrated with the fact that traditional banks were taking so long to introduce digital banking services for younger customers, who prefer to access most services through their smartphones. In February, Revolut launched an advertising campaign featuring an ad that highlighted the number of people who ordered a takeaway meal for one on Valentine's Day in 2018. Revolut offers a range of digital banking services in a mobile app targeted at young tech-savvy users, including:With standard accounts, users get a free UK current account and a free euro IBAN account. 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Mr Storonsky is Russian-born, but carries a British passport and has lived in the UK since the age of 20.Mr Yatsenko is Ukranian British, and has lived in the UK since 2010.Mr Yatsenko and Mr Storonsky created start-up Revolut and launched it in July 2015 at the Level39 tech accelerator in Canary Wharf. Revolut also offers monthly subscription plans with higher thresholds for no fees, as well as instant access to crypto-currencies, cash back, travel and concierge service. What next for the brand? Screenshot. Revolut's services are currently only available in Europe, but the firm has plans to expand into North America, Australia, Singapore and Hong Kong soon.It was not a bank when it started, but Revolut announced in December that it had been granted an EU banking licence by the European Central Bank. risks and opportunities. It has apologised for the advert, described by critics as "intrusive" and "tone-deaf", and said it did not mean to poke fun. Several people complained to the Advertising Standards Authority (ASA) about the advert, but since it was outside the ASA's scope, it referred the matter to the FCA.Sanctions lists contain the names of individuals whose assets have been frozen and include those connected with chemical weapons violations as well as members of the Islamic State.The company's lawyers drafted a letter to the FCA about the change, but it was never sent.In the letter, which the BBC has seen, Revolut lawyers stated that the company's head of compliance technology changed systems so that transactions that potentially matched against sanctions lists were not halted.Instead the system flagged the transaction for inspection but still allowed it to go through.Revolut told the BBC that: "At no point did Revolut stop checking transactions for sanctions compliance last year. On 28 February, it was reported that Revolut's chief financial officer Peter O'Higgins was stepping down after spending three years with the company.Media reports at the time suggested that the timing of Mr O'Higgins' resignation was to do with the allegations made against it, but the company stoutly denies it. "Any suggestion that Peter's resignation is in any way, shape or form connected to this roll-out is utterly false and damaging," wrote Mr Storonsky in his blog. The three-year-old firm's growth has been impressive - its customer numbers trebled to 1.2 million in 2017, while revenues increased five fold to £12.8m.In September, Revolut said 7,000 new accounts were being opened a day, and that it was processing $3bn in transactions a month.In February, Revolut launched an advertising campaign featuring an ad that highlighted the number of people who ordered a takeaway meal for one on Valentine's Day in 2018.The ad, which asked, "You ok, hun? ", sparked a backlash on Twitter. Revolut's founders Vlad Yatsenko and Nikolay Storonsky Revolut, one of London’s fastest growing fintech firms, has admitted it fabricated statistics in a high-profile advertising campaign, which has now been referred to the City watchdog. Nor was there any failure in our sanctions screening procedures." "The BBC understands that in the past three years, Revolut has seen the departure of two chief risk officers, two money laundering reporting officers, a chief compliance officer and a chief finance officer, amongst other roles.The SpaceX capsule touches down off Florida, in the first crewed US water landing in 45 years. One app for all things money. Its Spotify copycat ads have hugely backfired. Revolut employees exchange messages on the company's Slack messaging service in response to criticism of an advertising campaign. There are no fees on exchanging in 24 currencies, up to £5,000 a month, and you can withdraw up to £200 a month from cash machines.