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.
Number of Revolut app downloads worldwide as of January 2024, by country
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As of January 12, 2024. Figures were calculated by Statista based on monthly numbers provided by the source.
Countries included are those in which the number of downloads were the highest.
Starting point of observed time period differs for each country: United Kingdom: March 2015 France: April 2015 Romania: January 2020 Poland: March 2015 Ireland: April 2015 Spain: April 2015 United States: July 2015 Italy: June 2015 Germany: March 2015 Portugal: January 2019 Greece: January 2020 Hungary: January 2020 Ukraine: January 2020 Czechia: January 2020 Netherlands: June 2015
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AppMagic, & Statista. (January 12, 2024). Number of Revolut app downloads worldwide as of January 2024, by country [Graph]. In Statista. Retrieved August 25, 2024, from https://www.statista.com/statistics/1122359/global-number-of-app-downloads-revolut-bank-worldwide/
AppMagic, und Statista. "Number of Revolut app downloads worldwide as of January 2024, by country." Chart. January 12, 2024. Statista. Accessed August 25, 2024. https://www.statista.com/statistics/1122359/global-number-of-app-downloads-revolut-bank-worldwide/
AppMagic, Statista. (2024). Number of Revolut app downloads worldwide as of January 2024, by country. Statista. Statista Inc.. Accessed: August 25, 2024. https://www.statista.com/statistics/1122359/global-number-of-app-downloads-revolut-bank-worldwide/
AppMagic, and Statista. "Number of Revolut App Downloads Worldwide as of January 2024, by Country." Statista, Statista Inc., 12 Jan 2024, https://www.statista.com/statistics/1122359/global-number-of-app-downloads-revolut-bank-worldwide/
AppMagic & Statista, Number of Revolut app downloads worldwide as of January 2024, by country Statista, https://www.statista.com/statistics/1122359/global-number-of-app-downloads-revolut-bank-worldwide/ (last visited August 25, 2024)
Number of Revolut app downloads worldwide as of January 2024, by country [Graph], AppMagic, & Statista, January 12, 2024. [Online]. Available: https://www.statista.com/statistics/1122359/global-number-of-app-downloads-revolut-bank-worldwide/