- Business Review
Revolut tops 20 million retail customers on seventh anniversary
Revolut, the global financial super app, has surpassed 20 million retail customers worldwide, and is now processing over 250 million transactions a month. Both achievements come as Revolut celebrates its seventh anniversary.
Revolut is continuing to expand its global workforce, topping 5,000 employees globally. Over the past year, Revolut has opened several offices in locations such as New York, Tokyo, Madrid, Barcelona, Paris, Mexico City, Berlin, Budapest and Bucharest. Additionally, new offices in Mumbai and Bangalore are set to open later this year.
Launched in the UK in 2015, Revolut offers money transfer and exchange. Today, over 20 million of its retail customers around the world use dozens of innovative Revolut products including peer-to-peer payments, Saving Vaults, Junior, Stays, and Trading.
In the past twelve months, Revolut has launched a variety of new features including On Demand Pay in the UK, personalised Loans in Ireland, and was named as one of TIME100 Most Influential Companies. With services in 36 countries, the journey continues as Revolut looks to expand into new markets including India, Mexico and Brazil.
Helped by collaborations with influencers over the past year such as Liam Payne, Anthony Joshua, and Simon Wilson, Revolut’s total social media following has grown to over 1.4 million, and it has most recently launched a TikTok account.
In Romania, the super-app launched in May 2018 and has a penetration rate of 26% among the population at working age in the country, being considered by the fintech users as the most popular solution in the market. Today, Revolut is the # 1 financial application in the local market, for both Android system users and IoS fans, and is the most used fintech app in the country, with 78%* Romanian fintech users being Revolut customers.
Revolut’s top five countries by number of retail customers are:
UK – Revolut’s home market and its biggest with 4.8m customers. The average age of our customers is 39, with 11% of customers being over 55 years old
Romania – 2m customers. With 420,000 users in Bucharest, Romania’s capital city has the most Revolut users of any city in the EU, and second most globally after London. One in three Bucharest residents of working age has a Revolut account.
Ireland – 1.9m customers. A third of the 5m population (and half of adults with a smartphone) use Revolut – and Revolut is used as a verb
Poland – 1.7m customers. Following the launch of dedicated free accounts for Ukrainian refugees, Poland is home to over 50,000 refugee accounts (out of a total of over 170,000 in EU)
France – 1.5m customers. Revolut recently launched local IBANs in France to offer fully compatible accounts in the French market
Nikolay Storonsky, Chief Executive Officer, commented:
“Revolut reaching 20 million customers and 250 million transactions a month is another milestone we’re proud of. When we started Revolut seven years ago, we wanted to give people more control over their financial well-being through the use of our technology, offering a service that addresses all their financial needs in one place. We are still a young business, but our growth over the last few years shows the increasing demand for our products all over the world. As important as this milestone is, we are still at the start of our journey and intend to keep pushing the boundaries of financial innovation to build the world’s first global financial superapp. This is just the beginning…”
Vlad Yatsenko, Co-founder and CTO, commented:
“In just seven years, Revolut has grown exponentially. We are now more than 5,000 strong, with new and long-standing staff helping to deliver for our customers on a daily basis. Today’s announcement, as well as the company’s seventh anniversary, is one to savour and enjoy, but it is also evidence that there is still so much to achieve in this space. We remain focused on developing new and innovative products for our customers, and look forward to celebrating the next milestone in the near future.”
Source: Business Review