UK fintech start-up Revolut reaches 2 million users

James Cook
Revolut has reached 2 million users. - Revolut

London fintech start-up Revolut has announced that it has grown to 2m users following its launch in 2013.

The company operates a branch-less bank which lets customers control their account using an app. Revolut customers can use its banking app to invest in cryptocurrencies, and the company said that it plans to add stock-trading features in the future.

Revolut said that it has now signed up 2m customers in Europe ahead of plans to launch in the US this year. Customers have also made over 100m transactions, the company said, with a monthly transaction volume of $2bn (£1.4bn).

One feature that the company is currently developing is a commission-free marketplace for listed stocks, ETFs and options.

“To put it bluntly, we are going to cause the same disruption in investments as we have done in banking,” said Revolut chief executive Nikolay Storonsky. “Brokers are charging people as much as £5 per trade and the user interfaces are typically clunky, slow and confusing for consumers. The pain points are clear for us and the room for improvement is massive.”

The company has also announced a partnership with Russian payments services company Qiwi that will allow it to launch in Russia. It is pursuing a banking licence in Lithuania in order to gain a European banking licence, and Storonsky has said that he plans to apply for a US banking licence by the end of the year.

A design for Revolut's planned stock trading feature.

Revolut has opened offices in locations such as Vienna and Prague, but Storonsky told the Daily Telegraph in April that the UK remains key to his company. “Irrespective of Brexit,” he said, “there is no better place in the world to launch and grow a fintech start-up than London.”

Revolut has raised $336m to build its branch-less bank. Investors in the company include European venture capital firms Index Ventures, Draper Espirit, Lakestar and Balderton Capital. The company also raised money from crowdfunding campaigns on Crowdcube and Seedrs.

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The UK has seen several digital banks start in London in recent years. Revolut’s competitors include Monzo and Starling Bank. Like Revolut, Monzo has also used crowdfunding to raise money.