British challenger bank and FinTech firm Revolut announced this Thursday that it has surpassed 1 million users in the UK. The London-based firm claims to now be onboarding between 6000 and 9000 new users every day.
Revolut was founded in 2014 by a former Credit Suisse trader, Nikolay Storonsky, and his partner Vlad Yatsenko, a former application developer at Deutsche Bank. The company is one of several so-called ‘challenger banks,’ launched in the UK over the past five years, who have managed to attract customers with massively reduced fees on a variety of services.
In today’s statement, Revolut claimed that it has saved customers an estimated $740 million in fees since launching. The firm stated that these savings came mainly from fees that traditional banks would have charged on global money transfers, card payments made abroad and international ATM withdrawals.
The firm also revealed that it now has approximately 2.25 million users across the globe. Of those users, 400,000 are active on a weekly basis, and 900,000 are active on a monthly basis. The firm has seen its customers make around 125 million transactions, worth $18.5 billion, since its founding.
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New technology, new horizons
Since the start of this year, Revolut has also been branching out into cryptocurrency. In January of this year, it launched a service, in conjunction with crypto exchange Bitstamp, that enabled its users to buy, sell and hold several different cryptocurrencies.
The firm’s venture seems to have paid off. In May of this year, the firm reported that 20 percent of its users were accessing the cryptocurrency feature of its app. Moreover, those users were making around 100,000 trades a day.
Outside of technological diversification, the firm is also looking to expand outside of the European market. The firm has already launched a Russian service via a partnership with QIWI, a Moscow-based financial services, and technology company.
Storonsky, Revolut’s CEO, also announced in June that the firm would be applying for a banking license in the US later this year. Today’s statement further indicates that the firm will be launching in Singapore, Hong Kong, Australia and New Zealand by the end of 2018.