
Chase digital bank review
New digital bank Chase is set to open its virtual doors in the UK in 2021. Here’s what we know about it so far.
Read more…Updated . What changed?
Revolut is a fintech company that provides a debit card and a Swiss Army knife of an app, packed full of features including (hold your breath): a current account, peer-to-peer payments, currency exchange, multi-currency cards, day-by-day in-app insurance purchases and the option to buy cryptocurrency.
The company has been in the news for its aggressive expansion into dozens of countries, monster valuation and fundraising rounds, its ongoing battle with the likes of Monzo and Starling Bank in the UK and its apparently cut-throat working environment – Revolut’s company slogan is “Get shit done”.
Revolut has multiple products including plus and premium accounts, a metal card, a junior card for children and a business bank account.
Since launching, Revolut has achieved the sort of growth entrepreneurs and CEOs dream of. By opening offices in over 20 countries, Revolut has been able to expand aggressively and beat competitors to the punch in different markets. Today, it has offices in London, New York, Singapore, Berlin and more.
Revolut has more than 12 million users, with an ambitious goal to onboard 100 million within 5 years. The company said in 2019 that it had 250,000 daily active users and numbers continue to grow.
With a steady increase, 440,000 customers join Revolut every month on average. In December 2020, the number of customers is projected to be 16.45 million, compared to the current 12 million (August 2020).
Bank | Number of users |
---|---|
Revolut | 12 million |
N26 | 6.5 million |
Monzo | 3.9 million |
Monese | 2 million |
Starling Bank | 1.5 million |
Tandem | 0.8 million |
Revolut’s fundraising rounds have amassed $836 million (£628 million) in total, with investors including DST Global – which was an early backer of Facebook and Spotify.
The company has 29 main investors. A large share of Revolut’s funding comes from venture capital firms such as Lakestar and Index Venture, as well as individual investors such as Nicole Junkermann and Ian Hannam.
Another notable investor is Andy Murray – yes, that one. The tennis star invested £17 million in 2017 during a crowdfunding campaign.
Bank | Funding |
---|---|
Revolut | £628 million |
N26 | £587 million |
Monzo | £373 million |
Starling Bank | £313 million |
Tandem | £130 million |
Monese | £60 million |
Revolut’s valuation in July 2020 was a whooping $5.5 billion (£4.1 billion). The annual revenue was £174 million in 2019, compared to £58 million in the 2018 financial year.
GBP | FY, 2016 | FY, 2017 | FY, 2018 | FY, 2019 |
---|---|---|---|---|
Gross profit | £7 million | £14.8 million | £33 million | £107 million |
Gross profit margin % | 296% | 116% | 57% | 61% |
Revenue | 2.4 million | 12.8 million | 58 million | 174 million |
Revenue growth % | 1869 % | 442 % | 353 % | 200 % |
Revolut has more than 2,100 employees worldwide, where around 500 are located in the UK. The most common skills are SQL, data analysis and Python. Some of the key figures at Revolut are:
New digital bank Chase is set to open its virtual doors in the UK in 2021. Here’s what we know about it so far.
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Read more…Revolut Plus is the latest current account to be offered by digital banking brand Revolut – we take a look at its features and fees.
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Read more…The salary advance function will enable up to three million account holders to access their pay packet a working day early.
Read more…Customers can now access their accounts and card settings from a desktop or laptop, as well as through their smartphone app.
Read more…We explore the latest statistics in the world of cryptocurrency including who is and isn’t buying cryptocurrency, as well as who has made their millions off these virtual currencies.
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