British fintech giant Revolut has had a fantastic year in 2023.
After beating its total 2022 revenue of $1.1 billion in August 2023, the challenger bank continued growing by the end of the year and reached more users than ever. According to data presented by Stocklytics.com, Revolut hit 26 million downloads in 2023, or 65% more than a year before.
Ever since entering the market in 2015, Revolut has been a game changer for millions of people searching for alternatives to traditional bank services.
The UK-based app-only bank offered them lower fees and significant operational cost savings, helping its user base to skyrocket.
According to Statista and AppMagic data, last year, Revolut`s app was downloaded an impressive 26 million times, 65% more than the year before, and the highest annual number of downloads in the company`s history.
The 2023 download figures are even more impressive when compared to previous years. Statistics show that Revolut`s download figures have skyrocketed by a whopping 380% in the past five years, jumping from 5.3 million in 2019 to 26 million last year.
The 26 million app downloads show that the UK challenger bank had added roughly 500,000 users each week throughout 2023, helping it reach nearly 40 million customers worldwide. Carrying that momentum into the new year, Revolut expects this figure to continue growing in 2024 and climb to 48 million.
Revolut`s impressive revenue and user growth are a reflection of the thriving neobanking market. According to a Statista survey, the transaction value in the global neobanking market is expected to jump by 28% and hit $6.37 trillion this year.
More than 40% of that value, or $2.78 trillion, will come from the United States and the United Kingdom as the top two neobanking markets. Statista expects the transaction value in the neobanking segment to continue growing in the following years and hit over $10 trillion by 2028.
The number of users will also significantly increase during this period. Over the next four years, nearly 90 million people will flock to app-only banks, helping the market reach over 386 million users by 2028.
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