Revolut signs up one million UK customers, eyes global expansion

Revolut, is one of the fastest growing fintech companies in the world. Today it announced that it has signed up one million customers in the UK and saved them over $330m in fees.

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.

I don’t believe in financial borders at the expense of consumers. The world is becoming more interconnected and financial companies should be adapting to this. People should be free to spend and transfer money globally without incurring fees and waiting days.

Nik Storonsky, Founder & CEO of Revolut