Revolut plans instant international transfers as it hits 1 million UK customers

By Ryan Weeks on 5th July 2018

Challenger Banks

The banking challenger now boasts 2.25m customers globally.

Money app Revolut has signed up its millionth UK customer, as its global user-base swells to 2.25m. Already active across the UK and Europe, the fintech firm is hoping to launch in a spate of new markets before the end of the year.

The app could go live in the US, Canada, Singapore, Hong Kong, Australia and New Zealand within a few months. When it does, the firm says that its customers will be able to make ‘instant, free’ transfers around the world – which it touts as a historic breakthrough.

The firm’s founder and CEO Nikolay Storonsky (pictured) said in a statement: “I don’t believe in financial borders at the expense of consumers. The world is becoming more interconnected and financial companies should be adapting to this. People should be free to spend and transfer money globally without incurring fees and waiting days.”

Revolut claims to have saved its million UK customers over $330m in fees to date. Across the 125m transactions that it has processed globally, it claims to have saved customers more than $740m in fees – based on what those customers would have been charged by traditional banks. The app now boasts 400,000 weekly active users globally and more than 900,000 of its 2.25m total customers are active at least once a month.

Revolut’s product launches are almost impossible to keep tabs on. Most recently, the app launched its long-awaited business marketplace (Revolut Connect), just a few weeks after announcing plans for a new fee-free trading platform.

“Whilst our organic growth has been exceptional, I believe that we’ve only reached 1 per cent of our potential,” said Storonsky.

 

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