Revolut has announced that it now has over 30 million retail customers worldwide. Since November 2022, the company has added more than 5 million users, growing at a rate of almost 1 million customers per month. The UK remains its largest market, with over 6.8 million British customers, followed by growth in Romania, Poland, Spain, and France. However, Revolut’s efforts to obtain a banking license in the UK have been delayed due to recent banking sector upheaval, making regulators more cautious. Discussions with regulatory authorities have been ongoing for over two years, longer than the typical license turnaround time. Additionally, while digital-first banks are gaining popularity, many consumers are still hesitant to switch from traditional banks to neobanks due to unfamiliarity and satisfaction with their current banking services.

Revolut Compliance Rating:

We have not found any substantial problems with Revolut so far. They are sufficiently funded and transparent. Therefore, we put Revolut on our “Green Compliance” list.