Incorporated in December 2013, the London-based challenger bank Revolut has grown exponentially. In February 2018, Revolut announced that they had hit 1.5 million customers, a figure that had grown to 18 million by 2022 and 35 million by October 2023. In 2023, Revolut had the highest number of customers of any European online bank. Revolut is most popular in the United Kingdom (UK) and Romania, although traction is being made across other key countries, including France and Poland. Between March 2015 and January 2024, the Revolut app was downloaded more than 12.5 million times in the UK.
Revolut's expanding customer base
Revolut has experienced remarkable growth in its customer base, reflecting its success as a leading digital banking platform. In March 2024, Revolut announced that it had reached an impressive 40 million users, a significant leap from the 1.5 million customers it had in February 2018. This exponential increase underscores the platform's popularity and its effective strategies in expanding its user base. Continuing this upward trajectory, Revolut's customer base is forecasted to exceed 47 million by the end of 2024.
Is Revolut profitable?
Revolut's financial performance has been a mixed journey despite its rapidly increasing customer base. The digital bank has seen significant growth in annual revenue, reflecting its expanding market influence and user engagement. However, the path to profitability has been challenging. In 2021, Revolut reported its first-ever annual profit, marking a milestone in its financial history. This success was short-lived, as profits decreased sharply in 2022, highlighting the volatility and competitive pressures within the fintech industry. Despite these hurdles, Revolut continues to focus on scaling its operations and diversifying its product offerings to achieve sustained financial stability.
FAQs
Which country has the most app downloads? ›
Between 2021 and the end of 2023, China was the leading country for app downloads by far. In 2023, mobile apps in China saw approximately 113 billion downloads from users in the country.
How many countries is Revolut active in? ›
Revolut Group Holdings Ltd. The European Central Bank granted the company a full banking licence in December 2021, and Revolut, with its banking services, is available in 30 countries.
How many US customers does Revolut have? ›
Neobank Revolut landed on U.S. shores in early 2020, after launching in the U.K. in 2015 and spreading throughout much of Europe. The super app is now closing in on its first 1 million customers in the U.S., a still-small subset of its 35 million users worldwide.
Do people in the US use Revolut? ›
The good news is that you can open a Revolut USA account. The plans are similar to the UK (although the pricing varies), and so is the process for signing up. You'll need to download the Revolut app and have some ID handy. You can find out more here.
Which countries do not support Revolut? ›
You can make card payments with your Revolut card in the majority of countries that accept Mastercard or Visa — except for Belarus, Crimea, Cuba, Democratic People's Republic of Korea (DPRK), Iran, Libya, Myanmar, Russian Federation, Syria, Luhansk, Donetsk, Russian controlled parts of Zaporizhzhia and Kherzon, ...
Which app is most downloaded in the world in 2024? ›
Which is No 1 app in the world? ›
TikTok reigns supreme — by August of 2023, it had reportedly been downloaded over 3.5 billion times worldwide, and 1 billion of those users are active.
Which app has the highest downloads? ›
Here are the most downloaded apps on Android devices:
- TikTok.
- WhatsApp.
- Telegram.
- Snapchat.
- WhatsApp Business.
- Threads.
- CapCut.
- Spotify.
Revolut's success can be attributed to its comprehensive suite of financial services, including currency exchange, stock trading, crypto trading and traditional banking services.
Currently, it does not offer a full range of banking services such as an overdraft facility or the option to pay into your account using cash and cheques. And since Revolut is a digital-only provider, there are no physical branches if you favour in-person support.
Where is Revolut USA located? ›
We are a corporation incorporated in Delaware and have our registered office at The Corporation Trust Company, 1209 Orange Street, Wilmington, New Castle Delaware, DE, 19801. Our US headquarters in based in New York City. To contact us, please contact customer services using the chat function on our site.
Which country most use Revolut? ›
Number of Revolut downloads worldwide 2024, by country
Revolut is most popular in the United Kingdom (UK) and Romania, although traction is being made across other key countries, including France and Poland.
Who is Revolut owned by? ›
Who owns Revolut? Revolut is still a privately owned company. The largest portion of Revolut is owned by co-founder and CEO Nik Storonsky, who has a 20% stake in the company. The next largest portion of share ownership is from Revolut's corporate investors, who own approximately 75% of the firm's stock.
What is the equivalent of Revolut in the USA? ›
| Provider | Fees |
|---|
| Monzo | Varies depending on the linked third-party services. |
| Remitly | US$1.99 for economy transfers and US$3.99 for express transfer |
| PayPal | 3.49% of the transfer value + US$0.49 fixed fee. |
| Panda Remit | 1.4% to 2.5% of the total transfer values. |
4 more rowsApr 9, 2024
Countries we don't support payments in include but aren't limited to: Belarus, Crimea, Cuba, Iran, North Korea, Libya, Myanmar, Russia, Syrian Arab Republic, Venezuela, and Zimbabwe.
Where do people use Revolut? ›
In the European Economic Area (EEA), Revolut Bank UAB, is authorised by the European Central Bank and the Bank of Lithuania and is a bank in 30 EEA countries.
