Sunday 25 August 2019

Fintech Revolut hits one million customers

Revolut has reached one million customers. Stock image
Revolut has reached one million customers. Stock image
Ellie Donnelly

Ellie Donnelly

Revolut, a financial technology startup, has signed up one million customers across Europe.

In addition the company has saved consumers over £120m (€135m) in hidden fees, as its fintech continues to disrupt traditional banking.

Customer savings are primarily coming from card payments abroad, global money transfers and international ATM withdrawals.

The London-based company is now signing up between 3,000 and 3,500 new users every day, an increase of 50pc growth from three months ago.

To-date Revolut users have now made over 42 million transactions with a total transaction volume of $6.1b.

Over half of Revolut’s one million user base currently reside in the UK, with more than 150,000 users based in France, 60,000 in the Baltics and over 50,000 in countries such as Germany and Ireland.

"It’s incredibly positive to see how fast our total transaction volume is growing also. This is a clear indication that many of our users now consider Revolut as their primary current account and daily spending card," Nikolay Storonsky, founder and CEO of Revolut, said.

In addition to its success in Europe, the company is also pressing ahead with expanding globally, with expansion into the United States, Singapore, Hong Kong, Australia and New Zealand all planned for the near future.

Today’s news follows Revolut’s announcement earlier this month that it had applied for a European Banking Licence which is expected to be in place by early next year.

The license will enable the company to offer credit and deposit services across Europe.

Revolut also said that it intends to build its own payment processor in-house following a series of complaints by users on social media recently, who said their cards had been declined or their payments had been rejected.

Online Editors

Also in Business