British fintech company Revolut confirmed that sensitive customer information was exposed to an unauthorized third party after the company received fraudulent requests sent from the email domain of a legitimate government agency, a company spokesperson told Reuters on Saturday.
Revolut is preparing to begin operations in Israel as a "lean bank" after the Israel Securities Authority last year granted four international fintech companies licenses to provide payment services in the country. The other companies are Rapyd, Mesh Payments and Airwallex.
Revolut
(Photo: REUTERS/Dado Ruvic/Illustration/File Photo)
"Upon discovering the incident, we immediately blocked the address and notified the relevant government agency, as well as law enforcement, data protection authorities and financial regulators," the spokesperson said. "Revolut's systems and customer funds were not affected."
The spokesperson did not disclose the exact number of people affected by the breach. However, crypto security firm ZachXBT said the fraud targeted high-net-worth customers.
According to TechCrunch, the exposed information included customers' dates of birth, mailing and email addresses, phone numbers and copies of identification documents, including passports and driver's licenses.
Revolut is considering an initial public offering and is targeting a valuation of up to $200 billion, up from a $75 billion valuation in a November funding round. It is considered one of Europe's most successful fintech companies and operates without physical bank branches.
Revolut has more than 80 million customers worldwide and operates as a bank in more than 30 countries, according to its website. The company has also recently expanded its presence in markets including India, Mexico, France and the United Arab Emirates.
Earlier this month, the company received tentative approval from U.S. regulators to open its first bank in the country, which is planned to launch in the first half of 2027.
As for Revolut's entry into Israel, the Israel Securities Authority hopes the license will enable the four companies, including Revolut, to significantly expand their operations in the country and compete with services offered by local banks.
The license allows the companies to transfer and exchange funds, process payments and offer digital wallets. They will also be permitted to pay interest on funds deposited in accounts they offer customers.
Inbal Polak, who oversees the investment management field at the Israel Securities Authority, is responsible for issuing the licenses.