Revolut is a fintech company that provides a debit card and a banking app packed full of features. It’s a big name in the challenger banking space, but what are the latest statistics on Revolut? We look at the number of Revolut customers in the UK and worldwide, as well as its latest reported revenue, valuation and market share.
Revolut has more than 45 million customers worldwide as of July 2024. Over 9 million of Revolut’s customers come from the UK, making up around a fifth (20%) of total customers. This also means that around 1 in 6 UK adults has an account with Revolut. Revolut is projected to have over 47.5 million customers by the end of the year.
Revolut’s customer base grew by 45% during 2023, from 26.2 million to 38 million. As of July 2024, Revolut has gained 7 million new customers to total 45 million, a 18.4% increase from the end of 2023.
More than half (60%) of Revolut customers are men. It is also estimated that the average age of a Revolut user is 34.
| Age | Percentage |
|---|---|
| 65+ | 5.26 |
| 55-64 | 9.21 |
| 45-54 | 14.93 |
| 35-44 | 21.39 |
| 25-34 | 32.23 |
| 18-24 | 16.98 |
While most customers are from the UK, Revolut is a global brand, with 3 million customers in Romania and nearly 3 million customers in Poland. Revolut is constantly growing and expanding – based on its additional 7 million customers in the first 7 months of 2024, Revolut has been gaining approximately 1 million new customers every month.
| Country | Revolut customers Nov 2022 | New customers since Nov 2022 |
|---|---|---|
| UK | 6,800,000 | 2,200,000 |
| Romania | 2,800,000 | 700,000 |
| Poland | 2,500,000 | 500,000 |
| France | 2,200,000 | 800,000 |
| Spain | 1,800,000 | 1,200,000 |
Revolut reportedly made £1.8 billion in 2023, an increase of 95% from 2022 (£923 million). In 2021, Revolut had reported revenue of £638 million, which was triple the amount made in 2020 (£220 million).
The e-money provider hit profitability for the first time in 2021 (£26.3 million in net profit). Since then, Revolut has been profitable every year. In 2023, Revolut had a net profit of £344 million or £438 million before tax. This was mainly due to Revolut’s products such as subscriptions which generated £244 million (a 53%increase from £159 million the previous year).
| Year | Revenue growth (£bill) |
|---|---|
| 2018 | 0.058 |
| 2019 | 0.166 |
| 2020 | 0.22 |
| 2021 | 0.636 |
| 2022 | 0.92 |
| 2023 | 1.8 |
In 2023, Revolut was considered one of the most valuable fintech firms in the UK and in the world. With a previous valuation of £25 billion in 2021, Revolut targets a valuation of £35.1 billion ($45 billion) in 2024.
Revolut plans on selling $500 million worth of shares from employees. Nikolay Storonsky, Founder and CEO of Revolut, is reportedly planning to cash in his own multi-million dollar portion of shares.
Based on existing valuations, Revolut is the largest unicron e-money provider in Europe, with its 2021 valuation of $33 billion (£25 billion). While these numbers are from 2021, Revolut has seen continuous growth, making them most-likely still the largest unicorn e-money provider in Europe in terms of market share.
Revolut is the most downloaded finance app in the UK and Europe and it is set to launch in New Zealand and Brazil. With 20% of customers coming from the UK, Revolut has been downloaded 12.5 million times in the UK since it launched back in 2015.
| Customers | Millions |
|---|---|
| 2018 | 3.5 |
| 2019 | 10 |
| 2020 | 15 |
| 2021 | 16.4 |
| 2022 | 26.2 |
| 2023 | 38 |
| 2024 | 45 |
Revolut’s total customer deposit balance increased from £13.2 billion in 2022 to £18.2 billion in 2023, a 38% increase. For 2023, the average monthly customer deposit was £480, a 3.7% increase from 2021, when the average monthly deposit was £396.
| Year | Average monthly customer deposit (£) |
|---|---|
| 2018 | 251 |
| 2019 | 305 |
| 2020 | 396 |
| 2021 | 462.5 |
| 2023 | 480 |
Revolut’s funding total is $2.14 billion (around £1.6 billion) after 13 funding rounds. In their latest funding round held in January 2023, Revolut raised $321,000. In July 2021, Revolut raised $800 million in a Series E funding round (its largest funding round).
Revolut has a total of 129 investors – these include lead investors like Tiger Global Management, TCV and DST.
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