Data compiled by Finbold.com indicates that fintech start-up Revolut’s user base will hit 16 million by 2021. This growth represents an increase of about 36%.
The growth will be fuelled by certain factors like expansion into other countries. Additionally, the Coronavirus crisis might play a significant role in this growth.
According to the report: “In a bid to fight the spread of the virus, many countries across the globe are encouraging citizens not to use cash or go to the physical bank offices. Therefore, the challenger banks, such as Revolut, present a perfect opportunity to manage cash virtually.”
Revolut has been witnessing steady growth since joining the market. Currently, the platform enjoys the highest number of customers across Europe’s online banking scene. By February, the platform had about 10 million users.
During the same period, other challenger banks like N26 had five million users while Monzo had 3.6 million users. On the other hand, Monese controlled two million customers while Starling bank Tandem and Atom banks controlled one million, 0.8 million and 0.07 million users respectively.
Additionally, by February 2020, Revolut was the highest valued challenger bank in Europe with $5.5bn in value. It was followed by N26 ($3.5bn), Monzo ( $2.6bn) and Atom Bank ($2.6bn)
At the same time, Revolut has a significant funding value compared to competitors. The platform funding value stands $837m. N26’s total funding value was $682.8m followed by Monzo’s $418.6m while Atom Bank had $416.67m.
Other challenger banks Tandem, Monese and Bunq had a funding value of $95.85m, $80.4m and $49.39m respectively by February 2020.
When it comes to challenger banks, Europe is taking center stage with most people embracing the technology to manage their money.