Challenger bank Revolut broke even for first time in December but says focus is on expansion

Lucy White
Revolut is ready to launch in three more countries and has its eye on several more (Source: Revolut)

Fintech firm Revolut broke even for the first time in December, after rapidly growing customer numbers and launching new products.

The challenger bank has increased its monthly transaction volume by more than 700 per cent over the last 12 months, to $1.5bn (£1.1bn).

However, Revolut’s founder Nikolay Storonsky said that expansion, rather than profitability, was the current priority.

Read more: Challenger bank Revolut has just launched a pay-per-day travel insurance service activated by your phone's location services

“Instead of becoming a bank from day one, we chose to focus our time and resources on product development and customer acquisition,” he said.

“This strategy is clearly paying off as we are have now firmly positioned ourselves as the market leader in Europe and soon the world.”

Revolut, which has seen its customer numbers expand from one million to 1.5m in the past two months, said it is now signing between 6,000 and 8,000 new customers per day.

Read more: Digital challenger bank Revolut just sailed past one million customers

The firm was founded in London in 2015, and its app is "almost ready to go" in the US, Singapore and Australia. Revolut is also sounding out India, Brazil, South Africa and the UAE.

The app allows customers to set up an account in 60 seconds, receive instant spending analytics, hold and exchange 25 currencies with the real exchange and send free international money transfers. Its more recent features include geolocation travel insurance, instant credit and a cryptocurrency buy and sell offering.

Since its launch, Revolut has raised $90m from investors including Index Ventures and Ribbit Capital.

Read more: Digital challenger bank Revolut raises $66m from Balderton, Index and Ribbit and will crowdfund more on Seedrs in latest fintech funding

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