By John Reynolds on Tuesday 26 November 2019
Revolut boss predicts reduction in number of medium to small sized traditional banks.
Revolut's marketing chief has admitted the digital bank is not "untouchable", despite saying that around one million new Revolut accounts have been opened across Europe in the last three to four months.
Revolut Director of Marketing Chad West also said the bank had a waiting list of over 100,000 customers in the US as well as thousands in Australia signed up to the bank ahead of launching in the countries.
As of October this year, Revolut has around nine million customers, with a high percentage in the UK.
AltFi contacted Revolut to substantiate its claim that around one million new accounts had been opened in the past three to four months across Europe, but Revolut did not get back to confirm.
West said: "For the last three to four months consecutively we have been hitting about a million accounts a month. That is a combination of paid and organic. Just across the 30 European markets we are in. We haven't launched in the US just yet. But we have about 130,000 on the waiting list. Australia is still in beta with about 40,000."
The British-based digital payments and banking group is trying to raise $1.5bn (£1.2bn) from investors as part of a bid to become one of the world’s most highly-prized fintech companies.
West was speaking on a fintech panel last week, hosted by Chip, the AI-powered savings app.
West said Revolut was bracing itself for competitors looking to knock it off its perch.
He said: “I don't think Revolut is untouchable. Eventually people will come up and start chipping away at what we're doing.”
The panel discussed a range of topics including different business models as well as regulatory and licensing concerns as well as predictions about changes to the retail banking ecosystem over the next three to four years.
West predicted that there would be a reduction in the number of small to medium sized banks in the coming years, but not the bigger banks.
"I think it's only natural that that [the number of traditional banks] is going to decrease. I don't think the big guys are going anywhere. Certainly, the smaller and medium banks, I think that will be the case," he added.