Number of Revolut downloads worldwide 2024, by country

Incorporated in December 2013, the London-based challenger bank Revolut has grown exponentially. In February 2018, Revolut announced that they had hit 1.5 million customers, a figure that had grown to 18 million by 2022 and 35 million by October 2023. In 2023, Revolut had the highest number of customers of any European online bank. Revolut is most popular in the United Kingdom (UK) and Romania, although traction is being made across other key countries, including France and Poland. Between March 2015 and January 2024, the Revolut app was downloaded more than 12.5 million times in the UK.

Revolut's expanding customer base

Revolut has experienced remarkable growth in its customer base, reflecting its success as a leading digital banking platform. In March 2024, Revolut announced that it had reached an impressive 40 million users, a significant leap from the 1.5 million customers it had in February 2018. This exponential increase underscores the platform's popularity and its effective strategies in expanding its user base. Continuing this upward trajectory, Revolut's customer base is forecasted to exceed 47 million by the end of 2024.

Is Revolut profitable?

Revolut's financial performance has been a mixed journey despite its rapidly increasing customer base. The digital bank has seen significant growth in annual revenue, reflecting its expanding market influence and user engagement. However, the path to profitability has been challenging. In 2021, Revolut reported its first-ever annual profit, marking a milestone in its financial history. This success was short-lived, as profits decreased sharply in 2022, highlighting the volatility and competitive pressures within the fintech industry. Despite these hurdles, Revolut continues to focus on scaling its operations and diversifying its product offerings to achieve sustained financial stability.