Data compiled by Finbold.com indicates that Fintech startup Revolut’s user base will hit 16 million by 2021. This growth represents an increase of about 36%.
Factors fuelling the growth
The growth will be fuelled by certain factors like expansion into other countries. Additionally, the Coronavirus crisis might play a significant role in this growth. According to the report:
“In a bid to fight the spread of the virus, many countries across the globe are encouraging citizens not to use cash or go to the physical bank offices. Therefore, the challenger banks, such as Revolut, present a perfect opportunity to manage cash virtually.”
Revolut has been witnessing steady growth since joining the market. Currently, the platform enjoys the highest number of customers across Europe’s online banking scene. By February, the platform had about 10 million users.
During the same period, other challenger banks like N26 had 5 million users while Monzo had 3.6 million users. On the other hand, Monese controlled 2 million customers while Starling bank Tandem and Atom banks controlled one million, 0.8 million and 0.07 million users respectively.
Additionally, by February 2020, Revolut was the highest valued challenger bank in Europe with $5.5 billion in value. It was followed by N26 ($3.5 billion), Monzo ( $2.6 billion) and Atom Bank ($2.6 billion)
At the same time, Revolut has a significant funding value compared to competitors. The platform funding value stands $837 million. N26’s total funding value was $682.8 million followed by Monzo’s $418.6 million while Atom Bank had $416.67 million.
Other challenger banks Tandem, Monese and Bunq had a funding value of $95.85 million, $80.4 million and $49.39 million respectively by February 2020.
When it comes to challenger banks, Europe is taking center stage with most people embracing the technology to manage their money.
Find the full report, charts and statistics here: https://finbold.com/revolut-users-set-to-grow-by-36-and-hit-16m-by-2021-amids-covid-19/