Revolut, the financial “super app”, is making tax season a little less taxing for its crypto clients with its latest partnership.
Revolut is a UK-based FinTech firm that offers various services, such as a mobile app and debit card for global currency exchange, money transfer, and purchasing goods and services. Since its inception in 2015, it has expanded its operations to over 35 countries, including Australia, the United States, and most of Europe. The company has gained recognition for its innovative features, including cryptocurrency trading and budgeting tools, in addition to its user-friendly interface and low fees. The Revolut app has over 28 million users.
Koinly, founded in 2018, is a web-based crypto tracking and tax reporting software provider that allows users to calculate their capital gains and losses for tax reporting purposes. It automatically imports data from cryptocurrency exchanges and wallets and uses this data to generate detailed tax reports that can be used to file tax returns.
On Thursday (April 27, 2023), Revolut announced a strategic partnership with Koinly. This collaboration aims to streamline the tax reporting process for Revolut’s crypto clients, offering them access to discounted third-party tax reporting services.
The Revolut app allows users to trade from a portfolio of over 100 cryptocurrencies or test trade from over 12 Crypto Collections. Besides trading, Revolut also serves as a learning platform for users interested in enhancing their crypto knowledge. The addition of the tax reporting service bolsters the wide range of offerings Revolut extends to its global clientele.
Koinly, known for its user-friendly interface, offers a consolidated report on crypto assets and trading activities across various platforms. The platform’s proficiency extends to reporting transactions involving more than 1,700 tokens, 170 supported blockchains, and 100 wallets across 34 markets. This wealth of expertise is now available to Revolut’s clients, simplifying their tax reporting needs.
To access Koinly’s service, Revolut users need to navigate to the Crypto section within the Revolut app, sign up via Single Sign-On (SSO), and synchronize their transactions. The cost of the service, calculated based on the user’s number of crypto transactions, will be presented at checkout, inclusive of a potential discount of up to 60%. Once paid, the user can download the report for use in their tax filings.
Reflecting on this collaboration, Mazen Eljundi, Revolut’s Global Business Head of Crypto, acknowledged the complexity of cryptocurrency tax filing for many customers. “We wanted a solution that would effortlessly track, consolidate, and generate a tax report in a matter of minutes,” he stated. “We are confident that our partnership with Koinly will make this legally required activity easier and more accessible.”
Jane McEvoy, Koinly’s Global Head of Partnerships, expressed her excitement about the partnership. She said:
“Revolut has made substantial strides in enhancing its cryptocurrency offerings, and we are proud to become their exclusive tax partner. Revolut users can now effortlessly access Koinly directly through the Revolut app, streamlining the process of calculating their crypto taxes.“