New banks

Revolut opens up its metrics kimono, plans to 5x its daily account opening by the end of 2019

  • Revolut shares some of its growth numbers.
  • They're big and growing, and the company wants to double its staff to keep up.
close

Email a Friend

Revolut opens up its metrics kimono, plans to 5x its daily account opening by the end of 2019

The challenger bank bragging ensues. US neobank Chime upped the ante last week in the wake of an outage at Wells Fargo, claiming it had opened 10,000 accounts in a 24 hour period.

Now it’s Revolut’s turn. The UK-based challenger bank claims it too is opening up 10,000 accounts per day now on average.

My, you’ve grown: Revolut also shared some other data about its growth:

  • As of this week, Revolut has four million customers
  • Since July 2018, Revolut has boosted its Weekly Active Users (WAU) from 400,000 to over 1.1 million, while Monthly Active Users (MAU) have increased from 900,000 to 1.9 million in the same timeframe
  • Revolut also processes over $7 billion each month in transaction volumes, up from $4 billion per month in July 2018

Staffing up requires foreign talent: The company also called upon the UK government to create specialised visas for technology professionals to help it reach its aggressive hiring goals over the next year.

“While our current growth rate is really impressive for a three year old company, we are targeting 50,000 new accounts in Europe each day by the end of the year, and we’ll need to double our workforce here in London if we’re to achieve this goal,” said Nikolay Storonsky, Revolut’s CEO.

With London as its base, Revolut plans to launch in seven new international markets, and to introduce a commission-free trading platform, robo-advisor and Kids app.

0 comments on “Revolut opens up its metrics kimono, plans to 5x its daily account opening by the end of 2019”

Member Exclusive, New banks

Banking Briefing: Will WFH become a thing of the past?

  • Banks are pushing to get employees back in the office – but what will that do for their efforts to attract tech talent?
  • Meanwhile, gender inequality is alive and well in the banking industry. Here’s what one bank is doing to try and solve that.
Rivka Abramson | September 12, 2022
New banks

Are neobanks still considered disruptors?

  • Neobanks include thousands of companies seeking to disrupt banks across different customer segments and products.
  • As the digital transformation unfolds throughout the financial services industry, there will be a role for all types of service providers, including brick-and-mortar institutions.
Lindi Miti | September 02, 2022
New banks

Timberland Bank offers a savings program that pays customers to learn about finances

  • Integrations don’t have to be a painful, dragged out process if the right people are involved.
  • Paying people for learning about their finances can improve financial wellness and customer engagement.
Rabab Ahsan | September 01, 2022
Member Exclusive, New banks

Banking Briefing: All about branches

  • In a world of Web2s, Web3s, and Web-what-have-yous, a bank’s physical presence can almost feel passé.
  • But despite their decline in numbers, branches still very much play a role in banks’ success – from improving accessibility to getting in front of more consumers’ eyes.
Rivka Abramson | August 30, 2022
Member Exclusive, New banks

Banking Briefing: Offering personalized banking in an inflationary environment

  • As the financial situation takes on darker hues for consumers, personalization takes on a whole new dimension.
  • Here's what one neobank is doing to offer personalized services when times are tough.
Rivka Abramson | August 15, 2022
More Articles