Revolut, the U.K. FinTech, announced Wednesday (July 4) it signed up one million customers in the U.K. and saved them over $330 million in fees.
In a press release, London-based Revolut said it is signing up between 6,000 and 9,000 new users each day. What's more, of Revolut’s 2.25 million global customers, around 400,000 are weekly active users and 900,000 are monthly active users. Revolut said in the press release that customers have made over 125 million transactions to date with a total transaction volume of $18.5 billion.
“Whilst our organic growth has been exceptional, I believe that we’ve only reached 1 percent of our potential. Reaching one million U.K. customers is testament to the great product that we’ve built and the incredible savings we’ve offered our customers. However, we are always looking to improve. Our brand awareness is growing across Europe and we’re pressing ahead with global expansion, with launches in the United States, Singapore, Hong Kong, Australia and New Zealand all planned for later in the year," Nik Stroronsky, Revolut founder and CEO said in the press release. "I don’t believe in financial borders at the expense of consumers. The world is becoming more interconnected and financial companies should be adapting to this. People should be free to spend and transfer money globally without incurring fees and waiting days.”
According to Revolut, customers have saved more than $749 million in fees and those savings have been due to the removal of foreign exchange fees which impact card payments internationally. Revolut said it plans to launch in the U.S., Canada, Singapore, Hong Kong, Australia and New Zealand within the next few months. Upon launch, customers will be able to make instant, free transfers around the world, the company said. Revolut noted it will start the first set of expansion countries by the end of 2018 and then enter new markets after that. Revolut noted that while it already offers free international money transfers in 25 currencies, it can currently take up to two to five business days for the money to arrive. Revolut plans to eliminate the waiting time and transfer the funds instantly, for free, according to the press release.