Revolut Takes the Fight to the Banks
(10 July 2024 – Australia) Revolut has announced Australia is the group’s most rapidly growing global market.
The London-based fintech “unicorn” operates a unique subscription model where clients incur a monthly fee to access benefits such as higher FX limits, cash backs for debit card transactions and discounted trading utilising a digital wallet. Australian users have more than doubled over the past year to more than 600,000. As of June 2024, Revolut has reached 45 million customers globally, representing an increase of seven million in H1 2024 and on track to surpass 50 million customers by the end of FY24.
The company recently expanded into new markets, including Brazil and New Zealand, bringing its global footprint to 38 countries as Revolut Business remains on track to onboarding 20,000 new SMEs each month by the end of 2024. The company reports that its distinctive metal cards are a “status symbol” in many European markets.
“This year, we took our biggest steps yet on our mission to deliver the best product and the best customer experience at great value to customers, everywhere. Our customer base is expanding at impressive rates, and our diversified business model continues to fuel exceptional financial performance, delivering revenues of over US$2.2bn in 2023 and a record profit before tax of US$545m. With a net profit of US$428m, 2023 was our third profitable year in a row” commented Revolut CEO Nik Storonsky despite facing criticism from auditors who were unable to fully verify revenue figures in Revolut’s 2021 accounts.
“Every day, our products create value for new customer segments and new global markets. We remain committed to our ongoing UK banking licence application in addition to bringing the Revolut app to new markets and customers around the world. Even as we reached 45 million global retail customers six months into 2024, Revolut remains poised for exponential growth in 2024 and beyond, continuing to redefine the financial services landscape as we’ve known it.”
“Ultimately, we compete with traditional banks. We are in the market to strive to provide the best customer experience there is, and, hopefully, if we do a good job over a long period of time, we can attract more customers from traditional banks” stated Revolut Global CFO Victor Stinga.
Subscribe