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      A (Revolut)ionary Cashback. Notice for the Customers Who Paid Their Orders through Revolut Ltd and Received Their Money Back 06.09.19 Questions & Answers Subscribe

      A (Revolut)ionary Cashback. Notice for the Customers Who Paid Their Orders through Revolut Ltd and Received Their Money BackWe would like to be brief.

      Most of you have already received your orders. Hopefully, you are satisfied. If the tiles are not delivered, please don’t worry. The chargeback will by no means influence neither the lead time of your order, nor any other our obligations towards you. We’ll perform all our obligations to the fullest extent. For no explicable reason, Revolut Ltd have randomly selected and returned some of the customers’ payments back to them. Your dedicated customer support specialists will send to you the new bank details by Email. Please make payment for your order using this new bank details.

      Now, more details and emotions.

      What a f***ing mess! Sh*t! 

      This is absolutely incredible! Revolut call themselves a payment platform and work under the control of the UK (a civilized country once committed to the defence of the supremacy of law) financial authorities. According to the mass media, Revolut was accused for breaching the anti money laundering laws. It seems that they would like to show that the bad guys were caught. Evidently, those light-fingered moneymakers have strong lobby. However they may have decided to act like this because of laziness, having opted for the old Roman decimation approach: punishment of randomly chosen “punchballs”, regardless of whether they are guilty or not.

      Thus, in order to report the local British bureaucrats of the job well done, the clerks of Revolut made us a sacrificial lamb. According to the numerous comments on Trustpilot, we seem to be one of many other guiltless victims. All (literally all!) our customers were labeled as suspicious characters, whilst our “crime” consists in selling ceramic tiles by means of a website. Our Revolut account was frozen in July for review. However no document was requested from us, and no visible activity was performed. It conveys the suggestion that Revolut were simply waiting for the review time to run out. The customer payments kept getting pended. It was supposed that everybody should wait for 2 months until the sluggish British officers and Revolut automated system decide, whether our customers are authorized to buy tiles using their own hard-earned money, or not. So much time wasted, the Big Brother finally decided that the customers are not authorized to do so. Dozens (if not hundreds — we are deprived of any information, the bank leaves all our inquiries without response, making it impossible to estimate the gravity of the problem) of our customers who made payments from their accounts in the EU banks (where the demoniac KYC process is used) were refused to use ceramic tiles for renovation of their houses.

      In reality, all payments are now sent back from our account to our customers in a random way. That said, the goods are already shipped, and the company entrapped by Revolut incurs double losses, having neither goods, nor money.

      Our revenue at least for one month was blocked. There was a suggestion to put on hold the shipment of orders to our customers being solely guilty for choosing our company together with Revolut and their bank regulator in the UK. Fortunately, our company is rather profitable and wealthy. We have reached the level when, owing to the liquidity cushion, we are able to meet all our obligations, notwithstanding the absurd decision to block the transactions made by Revolut and financial authorities of the UK. However, one may only imagine the number of promising startups which, attracted by the appealing offer and easy account opening with Revolut, got trapped and will not survive such a crisis. Freezing a two months revenue is fatal for 95% of startups.

      Two weeks ago we forwarded a claim to the Financial Ombudsman of the UK, but with no response.

      We invite the blogers keen on the financial technology issues to repost this material, so that to prevent other startups from getting trapped by Revolut.

      We are ready to give the detailed evidence and documents to the interested mass media sources.

      We are willing to join a collective action against Revolut Ltd, together with other businesses affected by their activity.

      We demand from Revolut Ltd and financial authorities of the UK to stop witch-hunting, laying unsubstantiated accusations against companies and punishing those who are clean-handed.

      Everyone may leave a comment under this post. If Revolut have any explanation to what is going on, and if there is a representative to clearly lay an account of this case, welcome. We promise not to delete comments and not to ban Revolut, as they currently do with the victims of this outrage.