Fintech group Revolut signs up its millionth customer

Revolut, an app-based banking alternative which has over 50,000 customers in Ireland, has now signed up 1 million customers globally and claims it has saved users over £120 million (€134 million) in fees.

London-based Revolut said it is now signing up between 3,000 and 3,500 new users every day, an increase of 50 per cent growth from three months ago.

Users have now made over 42 million transactions since the company officially launched in July 2015 with a total transaction volume of $6.1 billion.

Ireland is currently the fintech’s firm fifth largest market and is on track to become its fourth by the end of the year.

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More than half of the company’s user base resides in the UK with over 42 per cent of total customers aged between 23 and 35 years.

Revolut raised $66 million (€58 million) in a Series B round earlier this year to fund expansion across Asia and North America. The investment round was led by Index Ventures with other backers including Balderton Capital.

Total investment in Revolut, which was launched by Nikolay Storonsky and Vlad Yatsenko in July 2015, now stands at $90 million.

Earlier this month the company announced it had applied for a European banking licence and begun building its own in-house payment processor as it seeks to roll-out the world’s first global banking app.

Revolut said it expects to be granted the banking licence, which will allow it to offer additional credit and deposit services, and protect client funds up to €100,000, early next year.

“While our organic growth has been exceptional, we still have a long way to go. To boost growth across Europe, we have launched local teams across key European markets to enhance our brand awareness and we’re pressing ahead with global expansion, with the United States, Singapore, Hong Kong, Australia and New Zealand all planned for early 2018,” said Mr Storonsky.