Posted on July 5, 2018 by staff

Revolut hits 1 million UK users


Revolut has hit the one million user landmark in the UK as the fast-growing digital banking start-up gears up for global expansion.

The London-based tech ‘unicorn’ claims to be signing up between 6,000 and 9,000 new users every day and has saved its UK customers $330 million so far.

While the FinTech is only currently available in Europe, Revolut is expected to launch in the US, Canada, Singapore, Hong Kong, Australia and New Zealand within the next few months.

“Whilst our organic growth has been exceptional, I believe that we’ve only reached 1 per cent of our potential,” said founder and CEO Nik Storonsky.

“Reaching 1m UK customers is testament to the great product that we’ve built and the incredible savings we’ve offered our customers. However, we are always looking to improve.

“Our brand awareness is growing across Europe and we’re pressing ahead with global expansion, with launches in the United States, Singapore, Hong Kong, Australia and New Zealand all planned for later in the year.”

Revolut has experienced dramatic growth levels since it was founded less than three years ago, having grown its London team to 380 and attracted more than two million customers.

Of its 2.25 million users, the company claims that around 400,000 are weekly active users and 900,000 are monthly active users.In total, customers have saved over $740 million in fees often charged by traditional banks.

Storonsky added: “I don’t believe in financial borders at the expense of consumers. The world is becoming more interconnected and financial companies should be adapting to this.

“People should be free to spend and transfer money globally without incurring fees and waiting days.”