- Revolut has now more than 4 million retail customers in Romania, acquiring 1+ million clients in less than 1 year
- Romania is the first market in the EU, by retail customer base, and the second globally after the United Kingdom
- The local clients use Revolut as a day-to-day account to send and receive money, for payments, savings, budget analytics, investment, donations, making on average over 103 million transactions each month[1]
Bucharest, August 26th, 2024 – Revolut, the global fintech with over 45 million customers globally, has surpassed 4 million retail customers in Romania, its first largest market in the EU by retail customer base and the second globally. The digital bank is now processing over 103 million transactions a month1, in the local market, with more than ⅓ of these representing card payments (33 million monthly payments). With increasingly more clients using Revolut as a primary bank account, the number of retail customers has almost doubled in the last 24 months, since the announcement of the previous threshold of 2 million clients, in July 2022.
Revolut was constantly the most downloaded financial app in its category in Romania in the last 30 months, for both iOS and Android users. The continuous diversification of the products and features included in the app, the ease of use and the transparent manner of showing fees, commissions and cost-related information transformed Revolut into the digital bank of choice for millions of Romanians. Revolut is more than a convenient way to pay for purchases, in person or on e-commerce platforms, it is the bank in the smartphone helping the customers to manage their entire financial life from the age of 6 years.
”Revolut is the one-stop-shop for managing all the financial needs of a customer and their family. From current accounts in more than 30 fiat currencies and personal loans to complex investment tools such as ETFs or corporate and government bonds, a customer can manage their entire financial life with Revolut. While it initially gained popularity for its instant transfers between Revolut users, with over 72 million peer-to-peer transfers since the beginning of 2024, Revolut has emerged as the preferred digital bank for millions of Romanians and a prominent fintech player in the market. We take pride in the positive impact our app has had on our customers’ lives and on the local banking and finance market. We are thankful for the trust placed in us by our local customers.”, commented Mariia Lukash, Head of Growth CEE.
From a travel card to a primary bank account fully digital
At its launch in the local market, Romanians welcomed Revolut for its instant transfers (international and national) and highly recommended travel features such as foreign exchange at an advantageous rate in 30+ currencies. Progressively, the app included new features such as kids accounts (Revolut ‹18), joint accounts, split bill, and, in the last 24 months, traditional banking products have been added, enabling the local customers to lend or save. Romanian customers can now access essential stuff like payments to domestic and foreign merchants to exciting stuff like making their money grow, enjoying travel & lifestyle experiences, in a safe environment and with the state-of-art technology for securing personal funds.
A broader portfolio of banking and trading products has been added to the offering in the local market. Personal loans in the local currency RON, refinancing credit, interest bearing savings accounts in RON as well as trading tools like European stocks, ETFs, governmental and corporate bonds, flexible cash funds in EUR, USD, GBP have been unlocked to the Romanian customers. New benefits and perks have been enabled for Premium, Metal and Ultra plans. This portfolio, combined with the best-in-class travel products (comprehensive travel insurance, smart Delay, discounted access to lounges, eSIMs, the loyalty program RevPoints etc.) and top-notch security procedures made Revolut the leading fintech in Romania.
Key figures for the local market:
- A Romanian customer makes 19 payments on month with Revolut card, on average, in the first half of 2024
- EUR 384 (RON 1,910) is the average spent amount per customer (payments to merchants) in the first full six months of the year
- Romanians make on average 33 million card payments per month with Revolut (January 1st, 2024 – August 15th, 2024)
- 79% of the card payments were made to local merchants, in the last 12 full months
- EUR 746 (RON 3,711) is the average saved amount per customer in Savings Accounts
- Most of the money transferred to Romania with Revolut came from the UK (EUR 916 million, in the last 12 full months)
- Top 10 countries for inbound international transfers were: United Kingdom, Germany, Ireland, France, Netherlands, Italy, Belgium, USA, Spain and Switzerland (in the last 12 full months)
- EUR 2,326 was the average amount of international money transfers received in Romania by a retail customer (+5.37% in the last 12 full months compared to the previous 12 months)
- EUR 1,774 was the average amount send across the borders by a Romanian retail customer (+3% in the last 12 full months compared to the previous 12 months)
- EUR 1,855 is the average investment portfolio per client in Romania, amongst the clients trading with Revolut
- Romanian travellers spent the most in Italy – EUR 42 million, during summer holidays 2024, in Germany – EUR 38 million and in Greece – EUR 36 million
- British travellers spent the most with Revolut in Romania – EUR 166 million, during summer holidays 2024, followed by German tourists – EUR 25 million and Irish tourists – EUR 19 million.
–NOTES TO EDITORS–
- Revolut Savings accounts are offered by Revolut Bank UAB. For more information about the product see product T&Cs. Revolut Bank UAB has is a bank authorised and regulated by the Bank of Lithuania and the European Central Bank (ECB). In case of disputes our customers contact Revolut Bank UAB headquarters in Vilnius, Lithuania and our European regulator, the National Bank of Lithuania (BoL). For more information about complaints and disputes see the complaints policy page.
- A customer invests in money market funds through Flexible Cash Funds. Capital at risk, interests are not guaranteed. The value of investments can go up as well as down and you may receive less than your original investment or lose the value of your entire initial investment. Past performance is not a reliable indicator of future results. This press release is intended for informational purposes only and does not constitute investment advice or recommendation. Investment services are provided by Revolut Securities Europe UAB (company code: 305799582; registered address: Konstitucijos ave. 21B, Vilnius, Lithuania, LT-08130), which is regulated by the Bank of Lithuania. Services are provided in other EEA countries under the Freedom of Services regime without branches or tied agents. 18+. T&Cs apply. Visit: LINK
- The money market funds available in the Revolut app are sub-funds of the Fidelity Institutional Liquidity Fund plc, authorised as a UCITS by the Central Bank of Ireland. Concretely, Class R Flex Distributing Shares of The Euro Fund authorised on 30/07/1998 with code C23696, The Sterling Fund authorised on 30/07/1998 with code C23697, The USD Fund authorised on 30/07/1998 with code C23698. The fund manager is FIL Investment Management (Luxembourg) S.A., Ireland Branch authorised by Commission de Surveillance du Secteur Financier registered on 01/07/2011 with code S00000593 and address 2A, rue Albert Borschette L-1246 Luxembourg. The fund manager may decide to terminate the arrangements for the distribution of the funds in accordance with regulatory requirements. The fund depositary is J.P. Morgan Bank SE, Dublin Branch.
ABOUT REVOLUT
Revolut is a licensed European bank, helping people get more from their money. In 2015, Revolut launched in the UK offering money transfer and exchange. Today, more than 45 million customers around the world use dozens of Revolut’s innovative products to make more than half a billion transactions a month.
Across our personal and business accounts, we give customers more control over their finances and connect people seamlessly across the world.
[1] Source: Internal data, analysed in an aggregated and anonymised form, starting from January 1st, 2024 until August 15th, 2024.