The British ‘fintech’ has surpassed the barrier of 200,000 users a year and a half after landing in our country.
Purely digital banks win followers in Spain. After a year and a half operating in our country, the digital bank Revolut has overcome the barrier of 200,000 customers, according to the company announced in a statement. The entity, based in London, landed in the Spanish market in October 2017 and since then has registered more than 700 new users a day. Spain is the fifth country in Europe by volume of users for the start up.
The ‘fintech’ already has more than 55,000 customers using Revolut as their main bank account
“Large traditional banks in Spain, such as Santander, La Caixa or BBVA, spend hundreds of euros on marketing to increase their client numbers.” Revolut has managed in a record time to scratch a market share relevant to traditional banking and purely organic, “they point out from the firm.
The bank led by Nikolay Storonsky, which has more than four million customers in Europe, also highlights the increase in the number of users who use Revolut as their main bank account. In the last year, its figures of active users – those who register transactions at least once a day – have registered an increase of 300%, to 55,000.
Since its inception, these 100% digital entities have been characterized by offering a low price model with a powerful technological base. Free transfers, real exchange rates and withdrawal without ATM commissions are some of your business assets.
In addition to Revolut, other digital entities such as the German N26, which has more than 100,000 users in the Spanish market, have opted to open an office in Spain in recent years to boost their business in the country.
Brexit: How is Revolut dealing?
Like everyone in the City of London, Revolut watches the interminable negotiations of Brexit out of the corner of his eye. To cover their backs before an exit by the bravas of United Kingdom of the European Union, the start up created last year a new European entity (Revolut Payments UAB) to ensure its full operation. Revolut has since the end of last year with a banking license from the Central Bank of Lithuania that allows it to operate on European soil.
“Although the situation continues to be uncertain, the company is prepared in case of having to migrate all customer accounts based in the EEA to its European entity”, explain from Revolut. The bank has informed all users who registered with a driver’s license that they have until April 12 to do so or otherwise they will not be able to identify them, since in Europe driver’s licenses are not recognized as a valid form of identification .