- Foreign exchange and banking services app Revolut now has 1.5 million downloads.
- Startup broke even in December but says profitability isn’t a priority right now.
- Monthly transaction volume currently at $US1.5 billion, up 700% in the last year.
LONDON – Fintech startup Revolut now has 1.5 million customers and broke even in December, the startup said on Monday.
Revolut said its monthly transaction volume is now running at $US1.5 billion, 700% more than this time last year. It has processed $US10 billion of transactions to date.
The startup began as a no fees foreign exchange card, linked to an app, but has rapidly expanded to offer everything from travel insurance to property investment through its app.
Nikolay Storonsky, Revolut’s founder and CEO, said in a statement: “Instead of becoming a bank from day one, we chose to focus our time and resources on product development and customer acquisition. This strategy is clearly paying off as we are have now firmly positioned ourselves as the market leader in Europe and soon the world.”
Revolut says it is signing up between 6,000 and 8,000 new customers a day, adding 500,000 new users in the last two months alone. The startup, which was only formed in July 2015, said it now has 350,000 daily active users and over 800,000 monthly active users.
Revolut has raised $US90 million to date, most recently raising $US66 million last July from Index Ventures and Silicon Valley’s Ribbit Capital to fuel international growth.
Storonsky said: “Whilst it is encouraging to see that our business model is working, becoming a profitable business is not our priority right now. We are completely focused on expanding Revolut to as many countries around the world as possible, with the United States, Singapore and Australia almost ready to go.”
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