Let’s take a quick peek across the pond (Atlantic Ocean) and learn what fintech firm has become the hottest startup IN THE WORLD. Any guesses? Well it’s Revolut and since its’ “door opening” it has amassed over a million users and is signing up over 3,000 new clients every day in Europe. Revolut plans to come to North America next year. What do they do? (dying to know, right) Its an app-only bank. And, with over 40% of its customers aged 25-35 you can just feel the “established banks” beginning to panic. Hmmmm, wonder if Jamie Dimon thinks Revolut is a fraud, too. He needs to read FintekNews more.
“LONDON — Fast-growing fintech app Revolut has passed 1 million customers just over two years after launch.
Revolut announced the milestone on Friday, saying that customers have now completed 42 million transactions on its app worth a combined $6 billion (£4.5 billion). The company began as a foreign exchange app linked to a pre-paid card but has since branched out into broader financial services, such as current accounts, insurance, and investments.
The customer milestone puts Revolut ahead of other European rivals such as UK-based Monzo, which has 400,000 customers, and German-headquartered N26, which has over 500,000 users across Europe. All are in a race to build a global, app-only bank that hopes to win over a new generation of millennial customers.
Revolut, which is applying for a full European banking license, said that 42% of its customers are aged 25-35, “a clear indication that traditional banks are no longer meeting the needs of younger, tech-savvy generations.”
Jan Hammer, a partner at venture capital firm Index Ventures, which has backed Revolut, told Business Insider that Revolut’s “product elegance” has helped to fuel its rapid growth.
“First and foremost, Revolut has built a great product, a great product that has a phenomenal product-market fit, that clearly satisfies the needs of hundreds of thousands of users in a really frictionless way,” he said…”
Full Story published November 24, By Oscar Williams Grut at BusinessInsider.com
“A tech VC explains why Revolut is such a hot ticket as the fintech app hits 1 million users”