Rapidly expanding fintech app Revolut has progressed 1 million customers just over two years after launch. Revolut declared the landmark saying that customers have now accomplished 42 million transactions on its app worth a combined $6 billion (£4.5 billion).

The company commenced as a foreign exchange app connected to a pre-paid card but has then segmented into wider financial services, such as current accounts, insurance, and investments. The consumer landmark places Revolut ahead of other European rivals such as UK-based Monzo, which has 400,000 customers, and German-headquartered N26, which has over 500,000 users across Europe. All are scrambling to evolve a global, app only bank that may prevail upon a novel generation of millennial consumers.

Revolut which is petitioning for a full European banking license elucidated that 42 percent of its customers are aged 25-35, an explicit manifestation that standard banks are not being able to cope with younger, tech-savvy generations. Jan Hammer, a partner at venture capital firm Index Ventures, which has backed Revolut told Business Insider that Revolut’s product elegance has paved way for its speedy development.

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Primarily, Revolut has made an extraordinary product that has a remarkable product market fit that unquestionably gratifies the requirement of hundreds and thousands of users in a congenial way. The company has raised over $85 million (£64.1 million) from investors to date and professes to be venturing into 3,000 to 3,500 new customers across Europe per day. It plans to instigate in North America next year.