Revolut, the London-based fintech unicorn, has exceeded 30 million customers globally, despite facing ongoing challenges with UK regulators while awaiting a decision on its banking license application. The growth rate is indeed impressive. In November 2022, Revolut announced it had achieved the 25 million milestone. Most of Revolut‘s user base (6.8 million) resides in the UK, followed by Romania and Poland, with 2.8 million and 2.5 million customers, respectively.
Revolut reported that its customers now conduct over 400 million monthly transactions, up from 350 million in November 2022.
Revolut is growing at almost one million customers per month. 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.Nik Storonsky, co-founder and CEO of Revolut
While Revolut‘s customer base expands, it has encountered ongoing frustrations with UK financial regulators. For more than two years, the company has sought approval from the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) for a banking license in the UK. A banking license would enable Revolut to provide additional financial services to its customers, including mortgage lending. However, the company has faced obstacles, and recent reports suggest that the PRA may reject its application.
Revolut’s management has been critical of UK regulations and hinted at a potential move to Paris. Storonsky has previously voiced concerns that UK regulators prioritize principles over concrete rules, which hinders progress and slows down processes.