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Revolut hits 30 million customers as banking licence hangs in balance

Revolut customers
Revolut staff celebrate 30 million customers. Image credit: Revolut

Fintech unicorn Revolut has surpassed 30 million customers worldwide amid ongoing difficulties with UK regulators as it awaits an official decision for its banking licence application.

The financial services company has grown its retail customers by almost one million in the last month, with five million new users added since it hit the 25 million milestone in November 2022.

The bulk of its users (6.8 million) are in its home nation of the UK, with Romania and Poland following at 2.8 million and 2.5 million respectively.

Revolut said its customer base now makes more than 400 million transactions a month, up from 350 million a month in November 2022.

Revolut co-founder and CEO Nikolay Storonsky said: “Revolut is growing at almost one million customers per month. This is a fantastic achievement for the company and reaching 30 million customers is another important milestone we are immensely proud of as we continue to grow and scale at pace.”

The continued growth of the fintech comes in a period of continued frustration with UK financial regulators.

The company has for more than two years been seeking approval from the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) for a UK banking licence.

A banking licence would allow the company to offer additional financial services to its customer base, including mortgage lending.

However, Revolut has been met with continued roadblocks to UK banking regulatory approval, with recent reports suggesting the PRA is set to reject its application.

Revolut has declined to comment on these reports.

Revolut management has criticised UK regulation and warned of a move to Paris. Storonsky has said in the past that UK regulators are too concerned with principles instead of actual rules and “slow everything down”.