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.

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