Friday 27 April 2018

Transaction volumes increase 700pc at fintech firm Revolut

Stock Image: Getty Images
Stock Image: Getty Images
Ellie Donnelly

Ellie Donnelly

Fintech start-up Revolut has seen its monthly transaction volume increase by over 700pc in the last 12 months to $1.5bn (€1.2bn).

The London-based fintech firm also today revealed that it broke even in December for the first time since its 2015 foundation.

The group, which though an app allows customers spend abroad in over 130 currencies with no fees, hold and exchange 25 currencies in-app and send free domestic and international money transfers with the real exchange rate, has increased its user base in Ireland to 75,000 people, while it has 1.5 million customers worldwide.

Read more: Revolut partners with Thomas Cook Money to bring pay-per-day geolocation travel insurance

Crucial to its long term business model, the company said that it was also succeeding in the challenge of converting its customers who use Revolut frequently for travel to use their card for everyday spending, with 350,000 daily active users and over 800,000 monthly active users, according to the company.

"Whilst it is encouraging to see that our business model is working, becoming a profitable business is not our priority right now," Nikolay Storonsky, founder & CEO of Revolut said.

"We are completely focused on expanding Revolut to as many countries around the world as possible, with the United States, Singapore and Australia almost ready to go."

The company is aiming to become the world’s first alternative to traditional banks, allowing people everywhere to spend and send money instantly without fees.

Today it said that it was already planning the next batch of expansion, with talks already taking place in India, Brazil, South Africa and the UAE.

Since its foundation, Revolut, which recently introduced a host of additional features including cryptocurrencies support and device insurance, has processed 60 million transactions with a total volume transaction of $10 billion to date.

The company has raised a total of $90m from investors including Index Ventures and Ribbit Capital.

Online Editors

Business Newsletter

Read the leading stories from the world of Business.

Also in Business