Revolut’s Global Retail Customer Base Tops 30 Million

British financial platform Revolut says it now has more than 30 million retail customers.

That’s according to an announcement from the company Thursday (June 1), noting that it had added more than 5 million users worldwide since November of 2022.

“Revolut is growing at almost one million customers per month,” CEO and Co-founder Nik Storonsky said in a news release.

“This is a fantastic achievement for the company and reaching 30 million customers is another important milestone we are immensely proud of as we continue to grow and scale at pace.”

Eight years after its founding in London, the company says it now has more than 6.8 million British customers. The U.K. accounted for the largest portion of its five million user growth, with 1.2 million people from the country joining the platform since November.

Other key market growth occurred in Romania, Poland, Spain and France, the company said.

The news comes a few weeks after Storonsky said recent upheaval in the banking sector has delayed Revolut’s attempts to get a banking license in the U.K.

“Ultimately, it is not really us, it is generally the banking crisis we see at the moment that makes regulators extra cautious,” he told the Financial Times (FT).

As that report noted, Revolut’s discussions with two British regulators — the Financial Conduct Authority and Prudential Regulation Authority — about a banking license have gone on for more than two years. That’s significantly longer than the typical turnaround time for a license, which the FT says is under a year.

The report also cited comments from two sources familiar with the license approval process that said movement on Revolut’s license had essentially slowed to a halt.

Meanwhile, recent research shows that while digital-first and digital-only banks are becoming more popular, many consumers are reluctant to switch from more traditional banks to neobanks.

According to the PYMNTS/Treasury Prime collaboration “How Consumers Use Digital Banks,” unfamiliarity with neobanks plays a role in this reluctance, along with customer satisfaction with current — and typically traditional — banking.

Although there is sustained interest in digital banking and FinTech services like PayPal, Venmo and Chime, many consumers interviewed for the study said they see these as “auxiliary banking services — supplements to the services offered by their more traditional banks,” with few consumers using digital-only banks exclusively.