Start-ups and fintech

Banks, Revolut aims to obtain a licence in the US as well

CEO Storonski 'Fifty million customers is not enough, we aim to double to one hundred'

22 November 2024

3' min read

LONDON

Revolut also becomes an investment company: the financial app will trade in the European and UK stock markets, having obtained a banking licence from the Prudential Regulation Authority, and is already aiming to obtain a licence in the US as well.

The first 50 million customers

Ambition is not lacking at the fintech, which yesterday in London celebrated the milestone of 50 million customers on a global scale, ten of which were gained this year, becoming the most downloaded financial app in Europe.

"Fifty million customers is not enough, we aim to double that to one hundred,' CEO Nik Storonski told the London event yesterday. 'We are number one in twenty European countries and we also want to be number one in Asia, the US, Canada and Latin America. Our goal is to become the first truly global bank in the world'.

Ipo plans

Revolut is based in London and the UK government is openly courting the fintech to convince it to launch its IPO on the London Stock Exchange in 2025. The listing will take place, but it has not yet been decided where or when. In the meantime, the fintech is focusing on growth in both geography, products and customer numbers.

Among the new solutions announced yesterday is the new artificial intelligence-based assistant, a personal and personalised advisor that will help users better manage their finances, to be launched in 2025. Revolut will also start launching branded ATMs, starting in Spain early next year, which will distribute both cash and cards. Another project for 2025 concerns business customers with the launch of Europe's first corporate credit product that aims to offer one of the best corporate savings rates in EU markets.

Revolut received a valuation of USD 45 billion this year, following a secondary market share sale, and announced 2023 revenues in excess of USD 2.2 billion, with pre-tax profits of USD 545 million, a record for the group.

In Italy 2 million users

In Italy, Revolut has reached 2 million customers and has big plans for growth, Ignacio Zunzunegui, head of Southern Europe at Revolut, told Il Sole-24 Ore in an interview.

"2024 was the year of Italy in my region, there was a remarkable change of pace in both the quantity and quality of customers," he explained. "Transactions increased by 80 per cent, but above all 70 per cent were in Italy, which means that the perception of Revolut has changed from a travel card to a bank to be used every day."

The increase in customers at a rate of three per minute in recent months was due to a doubling of investments in Italy, where Revolut also launched personal loans. The business sector is also growing strongly.

"The average is one thousand companies per day, in different sectors, from import/export to start-ups, all looking for flexible solutions," said Zunzunegui.

The next step is the conquest of the Italian IBAN, expected by the end of the year, 'a milestone' that allows more possibilities for use as a main account, and then to follow credit cards and in the coming years also real estate mortgages after the launch in Lithuania and Ireland. According to Zunzunegui, 'doubling the number of customers in Italy to 4 million by the end of 2025 is a realistic goal'.

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