Fintech startup Revolut has reached a big milestone. The company now has over a million customers across Europe two years and a half after launch. If you break it down by country, over 500,000 customers are based in the U.K. 150,000 users live in France, 60,000 customers are in the Baltics. And finally, Germany and Ireland have over 50,000 users each. And then there are 200,000 users based in other countries across Europe. 42 percent of the user base is aged between 25 and 35.
The company says that customers have saved $160 million in foreign exchange fees compared to a traditional bank account (£120 million). The startup tries to match the interbank rates as much as possible and charges 0.5 percent on your transaction if you don’t have a premium account and exchange more than £5,000/€5,000 per month. Revolut also applies a small 0.5 percent to 1 percent markup when forex markets are closed during the weekend. This is still a lot cheaper than using your regular bank account to initiate an international transfer. More interestingly, Revolut is currently acquiring between 3,000 and 3,500 new users every day, and it is accelerating. Three months ago, Revolut only got half as many new signups per day. In total, users have made 42 million transactions, representing $6.1 billion.