Revolut hits 10 million UK customers amid ongoing expansion

Revolut has reached 10 million retail customers in the UK, a major milestone for the digital banking and payments firm. The UK remains Revolut’s biggest market, contributing to its global user base of over 45 million. The company has gained nearly two million new UK customers in 2024 alone.

Francesca Carlesi, CEO of Revolut UK, called the milestone a key achievement for the business. “Ten million customers in the UK makes us one of the largest payments companies in the market, and we are incredibly grateful to our growing customer base,” she said.

“The UK is our home market, and is the base for the company’s wider global expansion plans. As we work towards launching the bank in the UK in the coming months, we will continue to offer products and services that improve the financial lives of everyone who uses Revolut,” added Carlesi.

This customer growth comes during a year of important developments for Revolut. In July, the company secured a restricted UK banking licence from the Prudential Regulation Authority (PRA), preparing for its next step towards full-service banking in the country. This move will allow Revolut to compete more directly with traditional banks in the UK.

Revolut has also been strengthening its leadership team. In July, the company appointed Fiona Davies as Head of Growth for the UK, Ireland, and Nordics, to drive market growth in these regions. It also revealed plans to move its global headquarters to Canary Wharf, with a 10-year lease signed for the new YY London building.

Market dynamics

Revolut’s latest milestone puts it in direct competition with other major UK digital banks. Monzo, for example, has also reached 10 million customers, while Starling Bank is growing its customer base, currently at around 3.6 million. Traditional banks like Barclays and Lloyds still hold strong positions in the market, with over 20 million and 15 million customers respectively.

Revolut has managed to keep its growth steady by launching new products, such as RevPoints, eSIM services, and mobile wallets, which have broadened its appeal beyond payments and into other financial services.

The company’s valuation continues to rise. In August, a secondary share sale valued Revolut at $45 billion. The sale provided liquidity to employees and gave the company additional resources to pursue further expansion.

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