London-based Revolut is now signing up between 6,000 and 9,000 new users every day. Further data has revealed that of Revolut’s 2.25 million global customers, around 400,000 are weekly active users and 900,000 are monthly active users. Customers have made over 125 million transactions to date with a total transaction volume of $18.5 billion.
In total, customers have saved over $740m in fees often charged by traditional banks. The data has shown that these savings have been made as a result of the removal of foreign exchange fees which affect card payments abroad, global money transfers and international ATM withdrawals.
Currently available in Europe, Revolut plans to launch in the United States, Canada, Singapore, Hong Kong, Australia and New Zealand within the next few months. Upon launch, customers will be able to make instant, free transfers around the world, a breakthrough that has never been offered before and a statement of intent from Revolut as it looks to take on incumbent banks.
Traditional money transfer services can charge anywhere between 0.5 and 5 percent when sending money abroad, and it can often take up to 3 to 5 business days for the funds to arrive. Revolut has spotted a huge gap in the market that is ripe for disruption.