MONEYVOX INFO. The British nobank Revolut, present in France since 2017, has just passed the milestone of 3 million accounts. It remains ambitious and is now seeking to retain its users by developing its offering.
a few days apart, Revolut has just passed two important milestones in its short life, which began in 2015 in London. The first: she exceeded the 40 million customers around the world. The nobank, it must be remembered, is now present in 38 countriesall the countries of the European economic area (1)but also Australia, New Zealand, Singapore, Japan, Brazil, Switzerland, the United States and, of course, the United Kingdom.
In this very globalized landscape, France, where Revolut has been present since 2017, is part of our top 3 most important markets, explains Antoine Le Nel, VP Global Growth and Associate Partner within the nobank. It is also making increasingly significant marketing investments, which seem to be bearing fruit.
She currently claims more than 100,000 new accounts opened every month and announces having exceeded the bar 3 million accounts. Which places it, among digital banks and on this criterion alone, quite far behind BoursoBank (more than 6 million customers), but ahead of historic online banking brands, such as Fortuneo or Hello bank!
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From a flow account to a deposit account
However, the use that its French customers make of their Revolut account has nothing to do with it. Only 45% of these accounts are active at least once a month. And deposits there still remain limited. Across all of its markets, Revolut manages, at the end of 2023, 14 billion euros (or around 500 euros of average outstanding per customer), when a player like BoursoBank manages more than 5 times more (73 billion) on its French market alone .
Usage indicators, however, are progressing. In France, Revolut is used more and more often as a a main payment account, explains Antoine Le Nel. Or the account used on a day-to-day basis to pay, but not yet the one where one’s income is domiciled.
The next step for Revolut is therefore to change status in France, to gain credibility as a deposit account, and no longer just as a flow account. To do this, it will densify its offer in the coming months, by offering authorized overdrafts, deferred debit cards and, ultimately, savings products, including Livret A.
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(1) The EEA brings together the 27 countries of the European Union, plus Iceland, Norway and Liechtenstein.