Subscription payment startup Revuto has raised $1.7 million as it prepares for its initial launch. Revuto will be the first decentralized application available on Cardano, a blockchain designed for high frequency transactions at lower costs for the consumer and lower costs for the environment.
The basic premise of Revuto is simple: people have many monthly payments to keep track of, and Revuto will help them do it. Not just that, Revuto will help consumers pay for these services by using cryptocurrency, a payment method that an estimated 106 million people use round the world today.
The private funding round was led by BlackDragon VC and angel investors who remain unnamed.
Revuto CEO Josipa Majic commented,
“Having the right funding and investors that back our long term vision is crucial, and thus we are delighted to achieve this milestone and are excited for what lies ahead.”
After securing one million sign-ups on top of this capital injection in the days leading up to its launch, Revuto looks poised to fulfill this vision.
The Future of Subscription Payments
Just about everyone who has connected their credit card to a monthly payment scheme has felt the sting of letting that subscription service run for too long after it was no longer useful, or, even worse, allowing a free trial to turn into a year’s worth of charges billed all at once. These payments are often irreversible, since everyone ticks several boxes accepting the terms and conditions of these payments and services when they start.
It’s not always the consumer’s fault when these things happen. The Washington Post recently reported that consumers are seeing their wallets drained by subscription services with hidden fees and terms that are less than straightforward. It’s a nightmare situation for anyone trying to find the cancel button on most of these services, and good luck calling up the helpline if you want to change anything about your subscription, since many companies outsource your call to a center that directs customers to the website after ridiculous wait times.
Revuto wants to flip this paradigm so that consumers have control over these services instead of the other way around. Using Revuto will mean that users can track all of their subscriptions in one place, and it takes the guesswork out of remembering when to cancel a free trial, since Revuto will stop any payments users don’t explicitly agree to paying.
Revuto puts an end to remembering a long list of usernames and passwords for every service’s website. It puts an end to remembering which card was used for what service. In short, Revuto puts an end to one of modern life’s headaches.
Revolutionizing Payments with Crypto Options
As Revuto makes keeping track of subscription services easier, it makes paying for them easier as well. Cryptocurrencies have begun to realize mass adoption, and businesses like Starbucks will accept cryptocurrency payments for a coffee these days. While the corner has been turned, the road towards a world where crypto payments can be easily made has not been fully taken.
Revuto’s revolutionary concept allows users to trade their various cryptocurrencies for REVU tokens and use these for subscription payments. This makes paying for subscriptions easier than ever for younger generations shying away from credit cards but taking up cryptocurrency in droves.
The app must be onto something, since Revuto has seen over one million users sign up for its service pre-launch. According to Revuto’s CEO Josipa Majic,
“With a large community having assembled around Revuto already and registered their interest in participating in the REVU token sale, the stage is set for a successful launch of the Revuto app.”
Majic also points out that
“This will bring crypto-powered subscription payments to a global audience, giving digital assets the same utility as fiat currency.”
Having secured $1.7 million worth of capital to help make this possible, Revuto appears ready to turn this vision into reality.