Revolut said today (Friday) it had hit the 10 million UK retail customer mark, and that it had added nearly two million retail customers this year. Revolut has been slugging it out with UK challenger bank rival Monzo, which also has over 10 million UK retail customers, in a race to have the largest UK retail customer base.
Francesca Carlesi, CEO of Revolut UK, heralded the milestone as a “tremendous achievement”. The UK is Revolut’s largest market and where the fintech was founded in 2015.
The latest milestone follows the announcement earlier this month from the Nik Storonsky-fronted fintech, valued at $45 billion, that annual revenues from Revolut’s business accounts have topped $500m. Revolut now has over 45 million customers globally.
Carlesi said: “Today’s announcement is a tremendous achievement for Revolut. Ten million customers across the UK makes us one of the largest payments businesses in the market, and we are incredibly grateful to our growing customer base, who continue to use Revolut more and more.”
By comparison, across other UK challenger banks, Monzo also has more than 10 million retail customers while another challenger bank Starling has around 3.6 million UK customers.
Barclays has over 20 million UK retail customers, Lloyds has 15 million retail customers while NatWest has over 19 million retail, commercial and institutional customers.