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 than 1 in 6 UK adults has an account with Revolut.
Revolut hit 25 million customers in November 2022, and these figures have been continually growing, with 5 million new customers joining in just 7 months. 1.2 million new customers from the UK joined in this period.
More than half (53%) of Revolut customers are aged between 18 and 34, while just 12% of its customers are 55 and over. An estimated 61% of Revolut’s UK customers are male, whilst nearly 39% of its UK customers are female, meaning that around 4.6 million are men and almost 2.7 million are female.
| Age | Percentage |
|---|---|
| 65+ | 4.15 |
| 55-64 | 7.44 |
| 45-54 | 12.9 |
| 35-44 | 22.67 |
| 25-34 | 34.49 |
| 18-24 | 18.35 |
While most customers are from the UK, Revolut has a worldwide impact, with nearly 3 million customers in Romania, 2.5 million in Poland and over 2 million in France. Its global customer base is constantly growing and expanding, with thousands of customers joining various countries in Europe in less than a year.
| Country | Customers prior to Nov 2022 | New customers since Nov 2022 |
|---|---|---|
| UK | 5,600,000 | 1,200,000 |
| Romania | 2,300,000 | 500,000 |
| Poland | 2,020,000 | 480,000 |
| France | 1,760,000 | 440,000 |
| Spain | 1,350,000 | 450,000 |
Revolut reported revenue of £850 million for 2022, an increase of over 30% from revenue of £636 million in 2021. Previously, revenue had tripled from £220m in 2020 to £636m in 2021.
The e-money provider hit profitability for the first time in 2021, earning over £100 million before interest and taxes and making £26.3m in profit. This was mainly due to Revolut expanding its features and adding new products, such as Revolut Business and Subscriptions.
| Year | Revenue growth (£mill) |
|---|---|
| 2018 | 58 |
| 2019 | 166 |
| 2020 | 220 |
| 2021 | 636 |
| 2022 | 850 |
In 2021, Revolut was one of the most valuable fintech firms in the UK, with a valuation of $33 billion (approximately £24 billion).
However, after a recent write-down from one of its investors, it is now implied that the company will have its valuation reduced by 40%. This would mean it would be worth $19.8bn (around £15.6bn), losing over $13 billion (around £10 billion) of its valuation.
Based on existing valuations, Revolut is the largest unicorn e-money provider in Europe, with its 2021 valuation of $33 billion (approximately £25.2 billion). While these numbers from 2021 should be treated with caution, Revolut is most likely still the largest unicorn e-money provider in Europe in terms of market share.
In terms of Revolut’s market share by region, the UK has a 20% market share of Revolut app downloads. This is followed by France with 9% and Ireland, Poland and Romania, all with an 8% share of the app market.
| Country | Percentage |
|---|---|
| UK | 20% |
| France | 9% |
| Romania | 8% |
| Poland | 8% |
| Ireland | 8% |
| US | 6% |
| Spain | 6% |
| Italy | 5% |
Revolut customer deposit balances have grown over time, increasing by 58% from £4.6 billion in 2020 to £7.4 billion in 2021. For 2021, the average monthly customer deposit was £462.50, a 16.8% increase from 2020, when the average monthly customer deposit was £396.
| Year | Average monthly customer deposit (£) |
|---|---|
| 2018 | 251 |
| 2019 | 305 |
| 2020 | 396 |
| 2021 | 462.5 |
Revolut’s funding total is $1.7 billion (around £1.3 billion) after 18 funding rounds. Revolut’s latest funding round was in August 2021 and raised its Series E funding to $800 million (around £600 million). Revolut has 49 investors, but only 11 of them are lead investors. These lead investors include Tiger Global Management and TCV.
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