Revolut accelerates growth and surpasses two million customers in Italy

It took five years to surpass the first million users, then in a year and a half Revolut reached the second million. The London-based neobank launched its super app in the Italian market in September 2017 and reached its first million customers in the final months of 2022. Today it announced that it has hit the two million mark, becoming the largest neobank in the domestic market, according to a statement.

The milestone, the result of continuous product innovation, represents an important stage in the digital bank's growth strategy based on international expansion - to date it claims 40 million users worldwide - and on expanding its range of products and services to become the primary reference app for users for their financial needs, thus replacing traditional banks. In recent months, growth has been exponential: Revolut's was the most downloaded financial and banking app in Italy last May, confirming it is also the digital bank that has grown the most in the last year.

"This is the result of an excellent user experience, combined with a very convenient offer and innovative products and functionalities that raise the standard in the banking industry," comments Ignacio Zunzunegui, head of Growth Southern Europe at Revolut.

In the past year, Italians made more than 160 million transactions using Revolut, an increase of 84% over the previous year. The domestic share of transactions is close to 70%, confirming that the majority of Italians use Revolut as their regular account.

In order to become the main account for Italians looking for good and reliable alternatives to traditional banks, neobank plans to launch new solutions this year to continue development and growth in the country.