Revolut is one of the greatest success stories in fintech history. Founded in 2015, the British company has seen spectacular growth over the past decade, reaching 45 million customers in September. With ever-higher ambitions, it now aims to reach 100 million users by the end of next year.
Antoine Le Nel, recently promoted to the position of Chief Growth & Marketing Officer globally, highlighted the evolution of Revolut: “We have gone beyond being a simple neobank to become a real banking institution serving our users”. This declaration marks a strategic turning point in its history by positioning Revolut as a major player in the banking sector, well beyond its initial status as a neo-bank.
In France, one of its key markets, Revolut has already attracted 4 million customers and it does not intend to stop there: the company has set an ambitious target of 20 million users by 2029 in France and thus illustrates its long-term commitment to the French market. To facilitate its integration, Revolut has implemented a series of products and services specific to French customers such as the French IBAN or the savings account paid every day.
An expanding offering
Far from considering itself as a simple neo-bank, Revolut is now positioning itself as a real competitor to traditional banks thanks to a banking license for the entire European Economic Area (EEA). Its range of services has expanded considerably since its beginnings and goes far beyond the scope of a traditional online (multi-currency) bank account.
The Revolut payment card, available in physical and virtual versions, is a key element of the user experience: it allows payments worldwide without additional exchange fees for increased financial freedom for travelers. Users can choose from several subscription plans ranging from the Standard (free) account to the Plus, Premium, Metal and Ultra plans, each offering increasing benefits in terms of withdrawal limits, insurance and exclusive services.
In October, Revolut enriched its offering with the launch of a daily-paying savings account, a major innovation on the French market. This flexible account offers attractive interest rates which can reach up to 3.25% gross for certain customers (depending on their subscription) with a ceiling of 100,000 euros. Interest is calculated and credited every day and thus provides real-time visibility on savings growth. Although this rate is variable and subject to tax (PFU) unlike the Livret A, it represents a convincing alternative for savers looking for higher returns than their basic bank savings account.
Beyond the daily management of money, savings and credit (up to 50,000 euros), Revolut has diversified into the field of investments: the mobile application allows users to buy and sell stocks commission-free, buy bonds, invest in cryptocurrencies (which has contributed to its success during the pandemic), and even acquire precious metals like gold and silver . For those who want to grow their capital without hassle, a robot-advisor allows them to set up an automated and personalized investment strategy according to each person’s profile.
A successful user experience
Constant innovation is a pillar of Revolut’s strategy: the company constantly invests in developing new features and improving its application to offer a unique user experience. Advanced budgeting tools, detailed spending analytics, and bill sharing features are added regularly to enrich the experience for millions of loyal customers. Revolut is also exploring new areas such as insurance (with travel coverage), purchases integrated into some of its premium offers and even eSIM cards.
In France, Revolut does not just compete with neo-banks but it wants to establish itself as a credible alternative to traditional banks. The introduction of the French IBAN in 2022 was a major step in this strategy since it has since enabled users to domicile their income (and therefore their salary) and carry out all their banking operations without fear of discrimination. Like a real bank.
To compete even more with traditional banking, Revolut has also developed specific offers for minors, freelancers and even businesses (more than 20,000 new people registered per month!). Always with local players – like LegalPlace for example – to show that we can be an international player while being well anchored in the reality of each country.
In partnership with Revolut
