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Revolut hits 1 million users in the UK as 9,000 sign up every day

Fintech firm Revolut has hit the one million user landmark in the UK, and claims to be adding 6,000-9,000 new users every day.

The company has released some figures on the back of the milestone.  Of Revolut’s 2.25 million global customers, around 400,000 are weekly active users and 900,000 are monthly active users.

For comparison, TransferWise, another major London fintech, claims to have three million customers, accrued over seven years as opposed to Revolut’s three. UK challenger bank Monzo, according TechCrunch sources, has around 630,000 users.

Users have  saved over $740 million in fees, according to Revolut, which claims to beat traditional banks on conversion rates for payments made abroad. They have also made over 125 million transactions to date with a total transaction volume of $18.5 billion.

Revolut is expected to launch in the United States, Canada, Singapore, Hong Kong, Australia and New Zealand “within the next few months”.

“Whilst our organic growth has been exceptional, I believe that we’ve only reached 1% of our potential. Reaching 1m UK customers is testament to the great product that we’ve built and the incredible savings we’ve offered our customers,” said Nik Storonsky, founder and CEO of Revolut.

“I don’t believe in financial borders at the expense of consumers. The world is becoming more interconnected and financial companies should be adapting to this. People should be free to spend and transfer money globally without incurring fees and waiting days.”

Revolut has experienced dramatic growth levels since its founding. It broke even in December 2017, reporting a transaction volume surge of 700% over the previous 12 months. The firm applied for a European banking licence in November 2017. Once licensed under European rules, it would be able to provide deposit and credit services, including overdrafts, personal loans and deposits held at a fixed term. Customers could also deposit savings of up to $115,000.

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