INNOVATION Easing the financial burden for displaced people

Displaced people seeking sanctuary in foreign countries face many challenges, including accessing basic needs, such as shelter and healthcare. In times of crisis, many flee with only a few possessions and leave behind critical identification documents. This can keep them from accessing essential services, such as opening a bank account, in their host countries. What should be a simple process can be extremely challenging for those who must navigate the complexities of suddenly losing your home and home country.

Revolut, a UK-based global neobank and fintech, and Visa set out to provide financial services and support to those affected by the ongoing crisis in the Ukraine, helping to ensure that the 6.6 million Ukrainians who have been displaced globally since 2022¹ have quick and easy access to their funds so they could focus on rebuilding their lives and caring for their families.

That’s how Project Bluesky was born.

Bridging the financial gap

Project Bluesky has allowed anyone from the Ukraine, regardless of nationality, who is resettling in the European Union to set up bank accounts using just their passports as documentation.

“My team and I understood that Ukrainians fleeing the war would find managing money a stressful experience,” said Dmytro Strelchuk, who moved from the Ukraine to the UK eight years ago and leads strategy and operations at Revolut. Simplifying the experience through Revolut’s digital banking platform helped refugees who didn’t have traditional documentation to access a secure digital bank account in minutes, with no monthly fees.

Revolut also wanted to help their customers send money back home to their friends and family still living in the Ukraine.

“We partnered with Visa to offer Visa Direct,” said Dan Herridge, lead business development manager at Revolut. As easily as sending a text, money transfers via Visa Direct could be sent across borders on the Revolut app, helping to bridge the distance between separated families.

Digital payments to the rescue

The value of digital payments in helping displaced people around the world is significant, offering critical benefits in crisis situations. Not only do they minimize risks associated with handling physical cash, such as theft or loss, digital payments enable rapid disbursement of funds directly to those who are impacted, providing quick access to essential resources such as food, water and shelter. Mobile payment platforms and online banking allow funds to be transferred across borders, reaching people in remote or conflict-prone areas where traditional banking infrastructure may be unavailable. Digital payments can also create a transparent record of transactions, ensuring aid reaches the people it was intended to reach.

Lens of bravery

Revolut has recently launched the Clear Sky Visa credit card, which cardholders can unlock via the Revolut app by donating to UNHCR-approved charities supporting those displaced from the Ukraine.

The credit card, designed in the colors of the Ukrainian flag, features a transparent upper half, which serves as an invitation to card users to “see the world through a lens of bravery, as Ukrainians do,” said Dayana Yermolayeva, senior strategy and operations manager at Revolut, who originally hails from Dnipro, Ukraine.

Working with its partners to issue credit cards across the border into Ukraine, Visa and Revolut are also empowering Ukrainians to open bank accounts, as well as gain Visa credentials, in the Ukraine, aiming to improve financial accessibility and mobility.

Finance with a cause

Contributing toward causes to help rebuild Ukraine, Revolut and Visa have raised funds that provide much-needed support to those affected by the crisis. Together, they hosted the Game4Ukraine charity soccer match in London, which attracted a crowd of 30,000 fans. Revolut has also donated $12 million to Ukraine through various donation drives and $2 million to support humanitarian campaigns. And the Visa Foundation provided an additional $2 million grant to the U.S. Fund for UNICEF to support humanitarian aid to the people of Ukraine.

“What’s important to us is that all these efforts are not just about transactions. It’s about helping the Ukrainian community regain a sense of normalcy,” said Herridge.