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Incorporated in December 2013, the London-based challenger bank Revolut has grown exponentially. In February 2018, the company announced that they had hit *** million customers, a figure that had grown to ** million by 2024. Currently, Revolut has the highest number of customers of any European online bank.

Key markets

In early 2025, Revolut operated in ** countries, with its strongest presence in the United Kingdom (UK) and the United States, while also gaining significant traction in other key markets like France and Spain. As of January 2025, the UK accounted for more than ** percent of Revolut's global downloads, while the U.S. represented over ** percent. Between March 2015 and January 2025, the Revolut banking app had been downloaded more than ** million times in the UK alone.

Forecast growth of European neobanks

Revolut experienced a significant surge in downloads during the first quarter of 2020, coinciding with its U.S. market entry. This expansion helped drive the neobank's remarkable growth, leading to a customer base of ** million by 2024. Current projections indicate Revolut's customer base will reach ** million by the end of 2025. While its main UK competitor Monzo is also expected to grow, the projected increase is considerably smaller than Revolut's anticipated expansion.