Like so many apps, Revolut was built with the intent purpose of fixing a personal issue. Nikolay Storonsky (co-founder and CEO) travelled a lot and was wasting hundreds of pounds on foreign transaction fees, which he understood as an employee at Credit Suisse to be ridiculously excessive.
After failing to find a bank that would cover multiple currencies, Storonsky and Vladyslav Yatsenko (co-founder and CTO) left their jobs at Credit Suisse to solve this issue. They started working on Revolut in Canary Wharf’s Level39 tech incubator, a hub for fintech startups.
Like Monzo and Starling, Revolut earns most of its revenue through a process called interchange, in which it takes 0.2 percent of each transaction fee. For the first few years, this did not translate to much, but as Revolut has added more users the fees have started to add up.
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In comparison to the two UK challenger banks, Revolut is far more Euro-centric. It works in all EU and European Economic Area countries. It also works with countries that have trade and data transfer agreements with the EU, such as Canada, Japan and Australia, and launched in the United States in 2020.
Revolut runs its banking system through Lithuania, which approved its European Banking license in 2018. The company had originally applied for a UK banking license, but due to a controversial report in 2019 that suggested Revolut disabled a sanctioned transactions system, the UK government postponed the decision indefinitely.
Europe is not the end goal for Revolut however, Storonsky aims to be a “financial superapp” for the world, following in the footsteps of Alipay and WeChat Pay, which has revolutionised banking in China.
Alongside the small commission it takes from debit-cards, it also offers two premium tiers:
- Premium: unlimited foreign exchange, double free ATM withdrawals abroad and travel insurance.
- Metal: all premium features plus one percent cashback with any currency (including crypto), quadruple free ATM withdrawals abroad, cashback and discounts.
Revolut launched a commission-free stocking trading app in the vein of Robinhood and a cryptocurrency trader in 2021. It also launched a Junior account, aimed at teaching 7 to 17 year olds about responsible spending and budgeting.
We’ve collected data and statistics on Revolut. Read on below to find out more.
Revolut key statistics
- Revolut generated £636 million revenue in 2021, an 143% increase year-on-year
- It also reported its first annual net profit, of £26 million
- Revolut had 20 million users as of June 2022, 1.4 million use the app daily
- Over £100 billion has been transacted on Revolut since 2022
|Title 1||Title 2|
|Launch date||1 July 2015|
|People||Nikolay Storonsky (CEO), Vladyslav Yatsenko (CTO)|
Revolut generated £636 million revenue in 2021, much higher than its goal of £500 million in the year.
Revolut annual revenue 2016 to 2021 (£mm)
Source: Company data
Revolut reported a £26 million annual net income in 2021, reversing a five year trend of losses.
Revolut annual net profit/loss 2016 to 2021 (£mm)
|Year||Net income/loss (£mm)|
Sources: Business Insider, Revolut
Revolut has more than 20 million registered users who use the app for currency conversion and banking.
Revolut annual registered users 2016 to 2022 (mm)
Sources: The Fintech Times, Revolut
According to Revolut, more than one million people access the app daily.
Revolut annual daily active users 2016 to 2021 (mm)
Source: Company data
Revolut was valued at $33 billion in its most recent funding round, led by SoftBank and Tiger Global.
Revolut valuation 2017 to 2021 ($bn)
Sources: Pitchbook, Sifted
Revolut transaction volume
Revolut surpassed £100 billion cumulative transaction volume in 2022, with the company’s financial director claiming that it is growing its volume at a rate of 10% every month.
Revolut cumulative transaction volume 2015 to 2022 (£bn)
|Year||Transaction volume (£bn)|
Sources: Company data, Forbes
Revolut average customer deposit
As most customers do not use Revolut as their primary bank, customer deposits are lower than a traditional bank.
Revolut average monthly customer deposit (£)
|Year||Average customer deposit (£)|
Sources: The Telegraph, FT
Revolut vs UK neobanks: users
Want to learn more? Read our mobile banking sector profile
What is Revolut’s average monthly deposit?
The average consumer deposit is £305 per month, lower than Monzo and Starling Bank
How many countries is Revolut available in?
Revolut is available in 37 countries, including every country in the EU and EEA
How many currencies are available on the app?
Users are able to hold and exchange 29 currencies and withdraw over 130 currencies with Revolut’s debit card
What is the average age of a Revolut user?
The average age is 34, two years older than Monzo and one year younger than Starling Bank
What is the gender demographics of Revolut?
60 percent of Revolut’s users are male (FT)
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