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.
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.

New banks

Dan Ariely on how Qapital uses behavioral finance principles to help people save more

  • Renowned behavioral economist Dan Ariely has spent a career thinking about how to get people to save more.
  • He was recently named chairman of the board of Qapital, a challenger bank.
Zoe Murphy | May 24, 2019
New banks, Podcasts

Behind the scenes of OakNorth’s mortgage product launch with CFO Cristina Alba

  • OakNorth is a UK challenger bank that's really focused on SME lending.
  • The company recently launched a mortgage product aimed at the same entrepreneurs.
Zack Miller | May 23, 2019
New banks, Podcasts

BankMobile’s Luvleen Sidhu on T-Mobile MONEY, banking college students, and leveraging partnerships for growth

  • T-Mobile now offers banking services and a very aggressive interest rate.
  • Through this white label partnership, BankMobile reaches more end customers.
Zoe Murphy | May 21, 2019
New banks, Podcasts

The Challengers 6: OakNorth’s new mortgages — Chase’s banksplaining backlash — N26 goes into Brazil

  • On today's episode, your hosts focus on OakNorth's new mortgage product and Chase's tone deaf Tweet.
  • Banks and fintech apps must do a better job helping customers make better financial decisions.
Tearsheet Editors | May 09, 2019
New banks

OakNorth launches mortgages for entrepreneurs

  • OakNorth has lent over £3 billion in debt financing to UK entrepreneurs.
  • Now, it will underwrite mortgages for its clients.
Michael Deleon | May 07, 2019
More Articles