British fintech startup Revolut has announced surpassing 3 million customers, marking a significant milestone for the digital banking alternative founded in 2015. The company offers payment and exchange services for multiple fiat currencies and cryptocurrencies.
From Ridicule to Milestone
Revolut celebrated the achievement on Twitter, stating: “Three years ago, banks and investors laughed at us. Today, we have signed up three million customers and no one is laughing now. Thank you!” The announcement came roughly three months after the launch of Revolut Metal, a premium debit card supporting several leading digital coins.
Revolut Metal: Multi-Currency and Crypto Integration
Revolut Metal, priced at €13.99 (~$16) per month, provides a free UK current account and euro IBAN account with unlimited exchange across 24 fiat currencies. The card also supports five cryptocurrencies—Bitcoin Cash (BCH), Bitcoin Core (BTC), Ethereum (ETH), Litecoin (LTC), and Ripple (XRP)—enabling spending of over 150 currencies at interbank exchange rates.
The contactless card offers fee-free ATM withdrawals up to €600 per month (~$670) and cashback rewards: up to 0.1% within Europe and up to 1% elsewhere. Acceptance via Mastercard network expands its utility, likely contributing to user growth.
Global Expansion Plans
Revolut currently serves over 30 European countries and plans to enter North America (US and Canada) and Australia. In Russia, a partnership with Qiwi will allow local users to access Revolut services through Qiwi’s online banking infrastructure, initially for individuals only. However, local competitor Tinkoff has questioned the move, though its platform lacks cryptocurrency support.
CEO Nikolay Storonsky, whose company raised $250 million at a $1.7 billion valuation earlier this year, remains defiant: “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.” Storonsky also expressed skepticism about institutional cryptocurrency adoption, stating banks are unlikely to catch up.
Crypto Limitations and Future Outlook
Despite its crypto-friendly features, Revolut currently does not support transferring cryptocurrencies to external wallets—a limitation criticized by some users. The company has no immediate plans to introduce the feature but has promised to pass user feedback to its development team.
As cryptocurrency adoption grows, Revolut’s integrated model may attract more users, but competitors are closely monitoring its moves. Whether the company eventually enables crypto transfers could determine its competitive edge in the evolving fintech landscape.