On a July 4 press release, Revolut (the United Kingdom FinTech) said that it had signed up a million users in the U.K. saving them more than $330 million in charges.
Of late, the London-based firm has been signing up nearly 6,000 to 9,000 new customers per day. And as it stands, of the company’s 2.25 million customers worldwide, 400,000 are per-week active users, and 900,000 are per-month active users. In the press release, Revolut said its platform had completed 125 million transactions and recorded $18.5 billion in total transaction volume.
“While we’ve witnessed exceptional organic growth, I believe we’ve only used up 1% of our potential. Hitting 1 million signings in the U.K market is a sign of our excellent product and the incredible cost-cutting chance we’ve offered clients. At Revolut, we are always looking to improve. Our brand is gaining popularity in Europe, and global expansion is our priority. Branches are getting underway in the US, Australia, Singapore, Canada, Hong Kong, and New Zealand later this year,” said Nik Stroronsky, the CEO Revolut. “Our firm does not believe in financial restrictions at the expense of the client. The globe is becoming a village, and it is high time financial companies adapted to this. People should now be allowed to transfer and spend money worldwide without charges and waiting days.”
Revolut said their customers saved over $749 million in fees due to the exclusion of foreign exchange charges which impacted on card payments globally. And upon new launches— in the U.S, Australia, New Zealand, Canada, Hong Kong and Singapore— scheduled for the next few months, users will be able to make immediate, free transfers worldwide.
Revolut also made it clear that it will begin the crossing borders by the close of 2018 and explore new markets afterward. The firm noted that while it already allows charge-free global money transfers in 25 world currencies, it still takes up to 2 to 5 business days to receive the money. As a result, Revolut plans to do away with the waiting time and offer charge-free transfers as they are a major issue in the retail merchant services complaints.
Author Bio: Payment industry expert Taylor Cole is a passionate merchant account expert who understands the complicated world of accepting credit and debit cards at your business. His understanding of retail merchant services complaints in the industry has helped thousands of business owners save money and time.