Banking challenger Revolut has signed up 1m European customers since its launch less than three years ago and now is signing up more than 3k new users per day.
This explosive growth in users represents a 50 per cent increase compared to three months ago, when it was signing up 1.5k per day. It says it has saved its users in aggregate over £120m in “hidden fees” in its disruption to traditional banking.
Over half of Revolut’s 1m users are based 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. Revolut has also revealed that over 42 per cent of its users are aged 25-35.
“To boost growth across Europe, we have launched local teams across key European markets to enhance our brand awareness and we’re pressing ahead with global expansion, with the United States, Singapore, Hong Kong, Australia and New Zealand all planned for early 2018.”
“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. It’s equally important to highlight how much money we keep in the pockets of consumers, providing a real alternative to traditional banks and extortionate fees.”
The news follows Revolut’s recent application for a European Banking Licence, expected to be in place by early 2018, enabling them to offer credit and deposit services across Europe.
Revolut is also planning to expand into North America in early 2018, followed by launches in Australia, Asia and the Middle East in the near future.