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.
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.