UK challenger Revolut rejoices as it breaks even
UK-based start-up Revolut is leading the charge for challenger banks by breaking even for the first time.
The bank, which was launched in mid-2015 and offers a money transfer app, says it reached this happy place in December. In a coquettish display it has just revealed the news, but not a lot of financial details. But it does say that on average, it gets between 6,000 and 8,000 new users per day.
The firm now has 1.5 million accounts, a healthy increase of 50% in the last two months. Revolut offers app-based banking and says an account can be “set up in 30 seconds”, enabling users to send free money transfers in 26 currencies to banks around the globe; spend fee-free in 130 currencies with a contactless Revolut card; and exchange currencies at interbank rates in the app.
As reported previously, it’s been keeping busy and making some progress.
Last month, Revolut said it will be using Global Processing Services (GPS) for the launch of its multi-currency FX app in the APAC region. Revolut will unleash its app, starting with New Zealand, Singapore and Japan.
Back in January, Revolut unveiled its “Pay-per-Day” travel insurance service, a product which uses a customer’s geolocation to provide medical and dental cover.
While in December, it launched cryptocurrency trading on its platform. Revolut account holders will be able to buy, sell, and hold Bitcoin, Litecoin and Ether. During a one-week beta test, 10,000 users traded $1 million in cryptocurrencies.