Fintech giant Revolut has reached a significant milestone, announcing it now has 10 million customers in the UK.

The achievement solidifies Revolut’s position as one of the country's largest financial technology companies and marks a period of rapid growth for the London-based firm.

The company has added nearly two million customers in 2024 alone, demonstrating strong momentum in its home market. This growth comes alongside several high-profile developments for Revolut, including a recent secondary share sale that valued the company at $45 billion.

Francesca Carlesi, chief executive officer of Revolut UK, expressed pride in the achievement, stating: "Ten million customers across the UK makes us one of the largest payments businesses in the market, and we are incredibly grateful to our growing customer base, who continue to use Revolut more and more."

The milestone follows the Prudential Regulation Authority's decision in July to grant Revolut a UK banking licence with restrictions. This regulatory approval is seen as a crucial step in the company's plans to expand its services in the UK.

Revolut has been actively introducing new products to its UK customers, including mobile wallets and Revpoints. The company is also preparing to move its global headquarters to Canary Wharf, signalling its commitment to the UK market.

Looking beyond its home turf, Revolut has unveiled plans to launch in India next year as part of its aggressive expansion strategy. Paroma Chatterjee, chief executive of Revolut's Indian arm, told the Financial Times: "India is being treated as a critical expansion market."

The company is targeting the top 10-15 per cent of India's 1.4 billion population, focusing on what Chatterjee describes as "global India" – consumers who travel internationally and have connections overseas.

As Revolut prepares for its India launch, it faces the challenge of competing in a market with numerous well-funded competitors. Chatterjee emphasised that the company's strategy is "not just blindly scale focused – we're very profitability focused."

---