Having over 1 million users for its banking alternative, Revolut hit a big milestone. Only two years after the launch, it now has 1 million users in Europe.
Having over 1 million users for its banking alternative, Revolut, a fintech startup has hit a big milestone. Only two and half years after the launch, the firm now has 1 million users in Europe. According to the company, customers have managed to save $160 million in terms of fees as compared to the traditional banks where they usually save $120. Revolut strives to match the rates. It charges approximately 0.5 percent on the transaction that you make with them if you lack a good account and want to exchange more than 5000 per month.
When forex marketers are not working over the weekend, it applies up to 1 percent mark up. As compared to using your normal bank account to do international transfers, this is a lot cheaper. When you use their card, the same exchange structure will be applied by the company. This is way much cheaper than the foreign transaction fees. Interestingly, it’s currently acquiring approximately 3500 users daily. Three months back, it only got a few signups daily. These users have now made over 42 billion transactions or around $6.1 billion.
If you break this down further you will realize that over 500,000 users are based in the UK, 150,000 in France and 60,000 in the Baltics. More so, Germany and Ireland both have 50,000 customers. There are also other users found in other places across Europe. Almost 42 percent of the customers are 25 to 30 years old. As compared to German fintech startup N26, you will realize that by August 2017, N26 had almost 500,000 customers and used $5.9 billion in total. The company is also currently acquiring 1500 users daily.
When you assume their growth, you can safely conclude that N26 has closer to 641,000 users. However, it’s not very clear whether N26 growth has slowed down or improved. More so, it’s yet to launch its services in the UK. Revolut has also hired a small local team to work on its growth and user acquisition. However, this is just one step since it plans to also go to the Singapore, US, Australia, Hong Kong, and New Zealand by early 2018. As compared to opening a bank account, opening an account in Revolut is a lot easier. This is because it’s an electronic wallet which is just like opening PayPal account. Once you have created an account, you get a payment card and personal IBAN in order to exchange, top up, send and receive money all over the world.
Recently it announced plans to get European banking license. Through this, it will have a chance to protect funds. It’s also working with apple pay, android pay and ability to buy bonds, shares, and cryptocurrencies. These features usually come in handy in attracting new customers.