London-based Revolut today announced its U.S. launch after a beta test that began last summer. However, some in the industry question whether now is the best time to launch the U.S. product, given the novel coronavirus pandemic.

“America, we come bearing good news in these uncertain times,” Chad West, Revolut’s head of marketing and communications wrote in a company blogpost today. “Revolut, the financial super app trusted by more than 10 million people worldwide, has landed in the United States.”

Revolut operates in Europe and Australia and is leveraging a partnership with Mastercard to issue cards in the U.S. The challenger bank offers products on a tiered subscription basis, including a free account, a premium account at $9.99 per month and a metal-level subscription for $14.99 per month. Some products offered in the U.S. include transferring money abroad, branch-free wealth management and analytics-based budgeting tools, according to Revolut’s website.

The digital bank has raised $837 million to date, according to Crunchbase. Its partner bank in the U.S. is Metropolitan Commercial Bank, according to Revolut’s website.

“COVID-19 will have more of an impact on Revolt’s business than [the company] thinks,” said Sarah Kocianski, head of research at fintech consultancy group 11:FS. “People aren’t and can’t travel abroad at the moment, a situation that’s unlikely to change in the coming months. Free spending abroad is a large part of what attracted customers to Revolut in Europe in the first place.”

Revolut has gained more than 10 million customers across Europe since its 2015 launch and has been eyeing global expansion for years. It remains to be seen how much social distancing, economic volatility and travel restrictions will affect those plans.

“Many of the people who will be sending money abroad to loved ones in the U.S. will fall into the remittance category,” Kocianski said. “A large portion of those people may well fall into the lower income, gig economy, zero hours contract-employment groups, which are likely to be hardest hit by COVID-19, and therefore will have less money to send.”

Some consider Revolut’s launch during the currently volatile market a bold move. “It shows strong belief by Revolut management to announce this launch in the current difficult environment,” said Ron van Wezel, a senior analyst at Aite Group. “Revolut has millions of clients around the world and there is no reason why they won’t be successful in attracting clients in the U.S. as well.”

As social distancing and self-isolation measures spike — currently 21 states have ordered state lockdown or stay-home measures — and financial institutions push digital channels, there may be an opportunity of growth for digital-only banks.

“In fact, this crisis will give a strong leg up to digital banking that may stay after the virus has gone,” said van Wezel. “More people will use apps like Revolut’s rather than cash or check.”

Indeed, a recent INV Fintech survey showed 94% of respondents believe the coronavirus pandemic will drive increasing demand for digital channels and will permanently alter customer acquisition and servicing models in banking.

Volatility and pandemic aside, Revolut’s U.S. launch comes as the challenger bank market grows increasingly crowded. Chime, for example, has 8 million accounts, while Varo has more than 1 million. Berlin-based N26, which launched in the U.S. last year, has already gained more than 250,000 U.S. customers.

Revolut’s most recent Series D funding round was Feb. 24, according to Crunchbase, marking its 13th funding round. G Squared and GP Bullhound are the most recent additions to the company’s pool of 35 investors.

According to van Wezel, the main challenge for Revolut will be monetizing its product. “The challenge for neobanks is still how to make money,” he said, adding that business models that offer free account and payments “won’t survive in the long run.”

“The question is if Revolut will be able to convert clients into their premium programs,” van Wezel added. “Many people use them as a second bank for lifestyle banking, while keeping their salaries and assets at their primary high street bank.”