UK-based fintech startup Revolut has announced that its customer base has surpassed 3 million users. Founded in 2015, the digital banking alternative has quickly become a viable online alternative to traditional banking, offering payment and exchange services for a growing number of fiat currencies and cryptocurrencies.
Crypto-Enabled Debit Card Fuels User Growth
The company marked the milestone on Twitter: “Three years ago, banks and investors laughed at us. Today, we have signed up three million customers and no one is laughing now.” This achievement is largely attributed to the launch of the Revolut Metal card, a premium debit card that supports five cryptocurrencies: Bitcoin Cash (BCH), Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Ripple (XRP). For a monthly fee of €13.99 (~$16), users get a free UK current account, a euro IBAN account, unlimited exchange across 24 fiat currencies, and the ability to spend over 150 currencies at interbank rates. The contactless card also offers fee-free ATM withdrawals up to €600 per month, along with cashback of up to 0.1% within Europe and 1% elsewhere.
Expansion Plans: Europe and Beyond
Revolut currently serves residents of 33 European countries, including Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, and the UK. The company plans to enter North America (US and Canada) and Australia. In Russia, Revolut has partnered with Qiwi, the country's leading payments provider, to offer services via Qiwi's infrastructure. However, local competitor Tinkoff's founder Oleg Tinkov questioned Revolut's move, noting that Tinkoff Black card already supports 30 currencies. In response, Revolut's founder and CEO Nikolay Storonsky said: “We are not going to abandon our plans … Large players see us as a serious competitor. They try to copy our products and break down into emotions in our presence.” Notably, Tinkoff does not support cryptocurrencies, giving Revolut a unique edge.
Funding, Strategy, and Limitations
Revolut raised $250 million in spring 2018 at a valuation of $1.7 billion. Regarding institutional interest in crypto, Storonsky expressed skepticism, stating that banks are unlikely to catch up. However, the platform currently does not support transferring cryptocurrencies to external wallets, a limitation that has drawn criticism. When asked about adding this feature, Revolut admitted it has no immediate plans but will pass feedback to the development team. Despite this, the company's growing user base and crypto integration position it as a key player in the fintech space.