Revolut Got 1.5 Million Customers

Revolut Got 1.5 Million Customers

Fintech company Revolut has reportedly increased the total volume of transactions breaking even in December for the first time ever.

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Fintech company Revolut has reportedly increased the total volume of transactions breaking even in December for the first time ever.

In November, the company announced that it reached a million registered users. Three months later, they have 1.5 million customers, according to Tech Crunch. Marketing themselves as fast, free and secure, Revolut may be used for money transfers in over 120 countries. Moreover, the company offers a possibility to buy, hold and exchange cryptocurrencies:

“You can buy, hold and exchange Bitcoin, Ether, and Litecoin with 25 fiat currencies at the best possible exchange rate. “, as they wrote on their website.

It is also possible for users to enable and disable debit card features quickly, providing a decent banking experience. Users can, for example, buy travel insurance, trade cryptocurrencies, or receive an IBAN, as well as open a credit line with their Revolut account. Now they have 800,000 monthly active users.

Revolut manages to attract between 6,000 and 8,000 new users per day on average and these are impressively high numbers when you compare with the growth rate of banks, as Tech Crunch notes. But this is not all. The company plans to become even more successful by opening its services in the US, Singapore, and Australia later this year. Later on, they will go even further by launching in India, Brazil, South Africa and the UAE, as the report explains.

It is to be seen how the disrupting services of Revolut and other similar financial technology companies will affect the market. Rivals like TransferWise are close to earning a revenue of 100 million euro this year. Their revenues grew by 150% last year, as the company told Business Insider UK.

While some say banks have an advantage over such companies, it can change soon. Time will show how traditional institutions and financial companies will reshape the way users transfer money.