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Revolut's Growth Strategy Explained

We long wondered who would emerge as the winner in the brutal battle between the many neobanks that have popped up over the past decade. Although others have had quite a ride, including Chime with its new $25 billion valuation, Revolut is now clearly positioned at the front of the pack as It’s the UK’s most valuable private company.


But it’s not just Revolut’s founders leaping the fruits off the company’s explosive growth — employees are also amongst its winners as Revolut has turned over 70 employees into millionaires.

So yes, turning over 70 employees into millionaires is impressive. But in reality, these fortunes only exist on paper for now. However, Revolut has allowed employees to start cashing in small chunks of their shareholdings across various sales and listings.

Revolut’s Growth Strategy

But Revolut’s immense success doesn’t really surprise us, especially considering their rather aggressive growth strategy. Their earliest strategy was to bring in as many users as possible to make a transaction of at least five Euros, with no marketing. They clearly succeeded in this and the proof is in their 100 thousand users within one year of operating. And the growth just kept accelerating from there.

Then the pandemic hit, and the company slowed down in 2020,.

But after adding a slate of new products and expanding into new markets (spoiler alert, Crypto was a key propellor to the company’s growth), the fintech’s revenue increased by 130% in the first quarter of 2021. 

The London-based company has been tipped to grow into a “super app” — a place for consumers to shop, travel, pay and chat all in one place. Yet another proof of the company’s ambitious growth strategy. Between global expansion and the addition of countless new products and services, Revolut’s growth strategy is paying off as we can clearly see in their outstanding growth trajectory

revoluts growth statistics
Revolut's key growth statistics. Source: The financial brand

The US seems to be the next target in Revolut’s plans. But after failing to make a dent in the Canadian market, the US market might prove to be a tough one. Nonetheless, Revolut is now trying to obtain a US banking license. And we are certainly curious how that will play out!

The Battle of the Neobanks

As competition within the neobanks landscape is heating up, the leading digital banks are battling to get the highest market shares and presence. But upon a closer look, it becomes evident that Revolut is dwarfing its competition when compared to N26 and Monzo. Two of the leading neobanks in Europe.

In 2020 alone, Revolut managed to generate almost 4 times the revenue that Monzo generated. Unfortunately, N26 wouldn’t disclose a revenue figure for last year, but said gross revenues doubled to nearly 100 million euros in 2019, from 2018.

neobanks revenue comparison
Revenues of Revolut, Monzo and N26 compared (2020). Sources: business of apps; CNBC; Monzo

The same applies for the number of users.

While we certainly can’t deny the impressiveness of the growth rates of these banks, revolut once again dominates the battle of the number of users.

neobanks number of users
Number of users for Revolut, Monzo and N26 (2020). Sources: business of apps;CNBC;Monzo

In a nutshell, Revolut has managed to climb all the way to the top of the mobile banking landscape, revolutionizing personal finance and becoming the go-to super app to millions of users. Its ambitious growth plans are paying off and they are slowly but surely making their way into huge markets including the US. 

Will Revolut’s super app strategy ever make a dent in the US market? 

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