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Revolut and Monzo refute rumours of imminent collapse; Revolut launches in US

March 24, 2020 / finextra

As it launches its financial super app in the US, Revolut hits back at rumours circulating on social media that it is facing financial difficulties as a result of the Coronavirus outbreak. The contraction in the economy caused by the Covid-19 pandemic has focused attention on the financial health of loss-making fintech firms as funding sources evaporate and exit options change significantly. The issue has been compounded by a swirling rumour mill on sites like WhatsApp and Twitter, spreading disinformation and fake news about the outbreak. In a statement responding to the wave of viral misinformation on social media, Revolut chief Nic Storonsky says: "The Coronavirus pandemic is causing unprecedented movement in financial markets. Naturally this can be alarming and can allow rumours and false information to spread quickly. To put your mind at ease, I’d like to make Revolut’s position super clear.