Revolut's Aim for 100 Million Customers: Analyzing FY 2024 Outcomes
Revolut, the digital banking revolution, has reached a significant milestone with over 60 million customers worldwide, making it approximately 60% of the way towards its ambitious target of 100 million daily active customers in 100 countries [4]. This growth has been steady, with the company adding 10 million customers in just six months, reaching the 50 million mark in November 2024 and projected to surpass 67 million by the end of 2025 [1][2].
The company's geographical presence has also expanded, operating in over 48 countries as of 2024. Revolut has been focusing on expanding its banking services and licenses in European markets such as Ireland, France, the Netherlands, and Spain [3]. The company's global ambitions are evident, as demonstrated by its recent acquisition of a bank in Argentina, a move aimed at fuelling growth outside of Europe [4].
The United Kingdom remains Revolut's primary market, with around 10 million users and the highest number of app downloads, over 15 million by early 2025 [1][2]. There is also notable growth and significant user base expansion in France, Romania, Poland, Spain, and the United States [1][2][3].
Revolut's growth has been driven by cross-segment expansion and a diversification of revenue streams. Foreign exchange played a significant role in the company's top-line growth in FY 2024, with interest income also being a major revenue driver [6]. The company's neobanking major, yet to be publicly traded, has shown consistent gains across various sectors [5].
As Revolut prepares for the launch of its formal bank in the UK in 2025, the company is gearing up for further growth. However, specific details on its prospects for 2025 are not provided in the latest annual report [6]. The company's goal of reaching 100 million daily active customers in 100 countries remains elusive, with no specific information available on how close Revolut is to achieving this target [6].
In conclusion, Revolut is on a strong growth trajectory but still has a considerable way to go to hit its 100 million customer goal. The company's core strength remains in European markets, particularly the UK, with growing footprints in several key countries. As Revolut pushes into new markets, it will be interesting to see how the company's growth unfolds in the coming years.
| Metric | Status / Details | |----------------------|------------------------------------------| | Customers | Over 60 million (60% of 100 million goal) | | Countries operating | Over 48 countries (aiming for 100) | | Main markets | UK (10M+ users), France, Romania, Poland, Spain, USA | | Recent expansion | Argentina (bank acquisition), new IBAN launches in EU countries | | Growth projection | Expected to exceed 67 million customers by end of 2025 |
[1] https://www.revolut.com/blog/revolut-hits-50-million-customers/ [2] https://www.revolut.com/blog/revolut-hits-60-million-customers/ [3] https://www.revolut.com/blog/revolut-expands-to-spain-and-ireland/ [4] https://www.revolut.com/blog/revolut-enters-argentina/ [5] Revolut Annual Report 2024 [6] Revolut Annual Report 2024 does not provide specific information on how close Revolut is to achieving its customer target or insights on where Revolut is seeing the most growth.
In its ambitious pursuit of expanding its customer base, Revolut has recently acquired a bank in Argentina, signaling its intent to fuel growth beyond European markets and diversify its technology-driven business operations in the field of finance. As of 2024, Revolut operates in over 48 countries and boasts over 60 million customers worldwide, with the United Kingdom remaining its primary market. The company projects to exceed 67 million customers by the end of 2025, making significant strides towards its goal of 100 million daily active customers in 100 countries.
