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”

New banks

‘Our ultimate goal is to be number one in the U.S.market’: Behind Temenos’ new push in the US with Jacqueline White, president of the Americas

  • Jacqueline White joined Temenos as president of the Americas at the beginning of 2021.
  • She joins the podcast to talk about what she's seeing in the market and her plans for growing the software firm's footprint in the U.S.
Zachary Miller | March 23, 2021
New banks, Podcasts

‘Ever since I dreamed up Greenlight, investing was always part of it’: Tim Sheehan on the launch of Greenlight Max

  • Greenlight is a quickly-growing financial app targeting teens and their parents.
  • The company just released investing technology to help kids learn good habits of investing by doing it.
Zachary Miller | March 17, 2021
New banks

How fintechs are working with banks to make them more green

  • The financial ecosystem seems to be getting greener.
  • Can fintechs help banks provide greener financial solutions?
Rivka Abramson | March 15, 2021
New banks

‘The financial industry was not built to serve the needs of melanated people because we were excluded from its construction’: Visa partners on crypto with First Boulevard

  • Visa partnered with digital bank First Boulevard for the anticipated launch of its crypto API pilot program.
  • The challenger bank which is focused on increasing financial inclusion for the Black community will enable its customers to purchase, trade and custody digital assets.
Rimal Farrukh | February 25, 2021
New banks

‘It’s difficult for a smaller, local bank to compete against the mega banks’: Inside Trustco Bank’s evolving digital experience

  • New York’s Trustco Bank recently implemented a digital banking platform to improve customer user experiences.
  • The local bank has witnessed over a 50 percent increase in mobile deposits.
Rimal Farrukh | February 11, 2021
More Articles