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Revolut’s Banking Alternative Already Has A Million Customers

Revolut’s Banking Alternative Already Has A Million Customers

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Revolut just reached an important milestone. The Fintech start-up already has more than a million customers all across Europe. This happened just 2 1/2 years after it launched. According to the company, their customers saved around $160 million in foreign exchange charges. This is as compared to using traditional bank accounts.

The company tries to go with bank rates as much as they can. They charge 0.5% on each transaction for people who don’t own a premium account. Each month, Revolut exchanges more than €5,000/£5,000.

During the weekends, when Forex markets aren’t operating, Revolut applies a minimal 0.5-1% mark-up to their fees. This is still significantly cheaper than using a traditional bank account to perform international transfers. This is why the company is becoming more and more popular as time goes by.

You can make use of Revolut’s card to make international payments. When you do this, the company will use the same structure for foreign exchanges. Again, their fees are a lot lower than the traditional transaction fees for international payments.

It’s quite interesting to note that each day; Revolut acquires a lot of new users. The number ranges for 3,000 and 3,500 each and every day. And as the days go by, that number is gradually increasing. About 3 months ago, the number of new signups each day was just half that amount. Now, all in all, users have already made around 42 million transactions. This represents a value of about $6.1 billion.

Let’s break the statistics down by country. In the U.K. there are over 500,000 customers. In France reside about 150,000 users. There are around 60,000 customers in the Baltics. While in Ireland and Germany, around 50,000 users live in each of those 2 countries. On the other hand, in the other countries across Europe, there are about 200,000 users utilizing Revolut. Out of all these, around 42% of them are between the ages of 25 and 35.

Now let’s compare Revolut with N26, the German Fintech start-up. It’s been quite some time since N26 gave an update regarding its metrics. So let’s look at the most recent data they released. As of August of this year, N26 had around 500,000 customers. These users spent a total of $5.9 billion or €5 billion. During this time, the company claimed that they were getting 1,500 new sign-ups each day.

Let’s assume that their growth is linear. If we make some calculations and estimations, it would mean that N26 would have over 640,000 users by now. But since they haven’t released updates recently, the statistics remain unclear. We don’t know whether the company’s growth slowed down or accelerated. Aside from this, N26 has yet to introduce the company in the U.K. But right now, they’re working on launching in 2018.

Just recently, Revolut hired small, local teams. This is definitely a sign of progress on their part. They hired the teams in the most significant market areas. The task of the teams is to work on the acquisition of new users to keep the company growing. Although significant, this is just the first step in their plans to expand. They’re planning to bring the company to the U.S., Australia, New Zealand, Hong Kong, and Singapore in the early part of 2018.

Generating an account in Revolut is a lot simpler than opening a new account in the traditional banking system. This would come with an electronic wallet so it’s a lot like creating an account in PayPal. As you create your account, you’ll get your own IBANs along with a payment card. With it, you can spend, send, exchange, and top up your money globally.

In recent times, Revolut made an important announcement. Apparently, the company plans to apply for a banking license in Europe. Because of this, they will be able to keep their funds protected. They’ll secure their funds under the scheme of the European Deposit Protection. Aside from this, the company is also working on Android Pay and Apple Pay. They’re also trying to work out a travel insurance as well as the capacity to purchase cryptocurrencies, bonds, and shares.

If they manage to successfully include all these features, it would make Revolut a lot more appealing. Because of this, the company may keep on growing and progressing as time goes by!

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