Denis Opudo
Revolut, a financial technology startup which began its operations as a foreign exchange service provider has seen massive growth. The platform allows users to sign up and link their debit cards to it. Consequently, the users can make wire transfers and exchange currencies or send to a bank account. Besides, Revolut can send debit card to its users and the card then used for making payments in any part of the globe at a small fee.
The company which by November had 1 million users now boosts of 1.5 million users. Between December and February, the company revealed that it received between 6,000 and 8,000 new users on its platform. Therefore, Revolut’s sales volume increased for the past couple of months.
Currently, the platform allows one to obtain personal IBAN, travel insurance, and bitcoin trading. Moreover, the company records approximately 800,000 active monthly users. Furthermore, the startup boosts of monthly transactions worth $1.5 billion
Revolut also keeps adding new features to enable the users to replace bank account anywhere. They also have an app that has user-friendly interface hence users can enable or disable credit card faster. The company now targets to convert their initial foreign currency users who were majorly travelers into active users.
Revolut’s plans to expand their services to Singapore, the US and Australia will attract more customers. Moreover, the startup’s management intends to later explore South Africa, India, UAE, and Brazil markets.
Despite the popular notion that FinTech startups compete with retail banks hence would not realize profit fast, the situation is different now. TransferWise took six years before realizing profit but now the margin for FinTech startups’ profitability has been narrowed. The news about Revolut can encourage other entrepreneurs to venture into this space.
