Launched on the 25th February, Revolut enabled millions of its customers worldwide to instantly donate to the Red Cross Ukraine Appeal, targeted at supporting victims of the war in Ukraine. The €10 million was raised through donations of Revolut customers, which were then matched by Revolut itself.
By the 1st of March, Revolut CEO Nick Storonsky announced that he would match every donation made up to £1.5 million. The announcement generated significant momentum and over the space of seven days, the total amount donated reached €10 million with over 300,000 Revolut customers donating to the cause.
Russian-born Storonsky had been notably quiet on Russia’s invasion of Ukraine until the 2nd of March, when he stated in a blog post: "I would like to make clear, publicly, what I’ve felt privately from day one: war is never the answer. This war is wrong and totally abhorrent. I am horrified and appalled at its impact, and I add my voice to those around the world calling for an immediate end to the fighting, and a commitment to diplomatic solutions."
"What I believe shouldn’t matter," continued Storonsky. "Opinions are of little consequence. What really matters is actions. And in addition to helping our colleagues, we at Revolut have also made it possible for millions of our customers to donate instantly to the Red Cross Ukraine appeal."
Revolut is not alone, with fintechs across Europe and the world drawing on their position to raise funds for those made vulnerable by the war in Ukraine. Fintechs for Ukraine has been launched to encourage businesses in the fintech sector to donate and raise funds for those affected by the crisis, with key members including Monneo, Railsbank, Coinbase, ComplyAdvantage, and payabl.
Unchain Fund also launched a crypto-native fundraising campaign to support Ukraine with humanitarian aid, and had raised over $4 million by the 7th of March.
On the €10 million raised by Revolut, Christopher Guttridge, head of Revolut’s donations team stated: “We are delighted to see the resounding support of our customers worldwide who have rallied behind the important work of the Red Cross. Through our instant, fee-free donations and matching programme we are proud to use technology to speed vital support to those who need it most. Everyone at Revolut is proud to be part of a British company with global reach assisting the Ukrainian people in their time of need. Our customers’ generosity will enable many more people to benefit from the critical work of the Red Cross team on the ground in Ukraine and surrounding countries.”
Jerzy Bisek, president of the Polish Red Cross added: “Communities in Ukraine have been bearing the brunt of eight long years of conflict. The events of recent days brought fear into the daily lives of people forcing them to leave their homes. Without urgent actions large-scale humanitarian consequences can be expected. That is why the Polish Red Cross supports both refugees coming to Poland, providing them with humanitarian and medical aid, as well as the Ukrainian Red Cross, who helps in Ukraine. The financial support of our partners and donors allows us to take immediate action.”