Feedback: Revolut gets a head start on the competition

Revolut has taken advantage of the year 2021 to establish itself against its main competitors such as N26, Monzo or Starling Bank in the UK. How did it do this? Thanks to the number of downloads recorded by its mobile banking application; a strong indicator of the service's adoption.

FACTS

• The latest data from App Radar has revealed that London-based Revolut has seen a 37.6% increase in the number of downloads for its Android app, standing at 5.23 million downloads over the period January to November 2021.

• Its total downloads amount to 15.8 million, more than any other European player.

• These figures do not represent the actual number of monthly active users of the app but remain a major indicator of momentum for Revolut as an innovative 100% digital player.

• In addition to the download boom, Revolut raised $800 million in July from Tiger Global and SoftBank, among others, bringing its valuation to $33 billion.

KEY FIGURES

• More than 16 million customers worldwide, the majority in the UK and Europe

• 200,000 customers in the US

• 500,000 business customers in Europe

• More than 35 countries covered by the services

• Around 30 currencies managed via the application

CHALLENGES

• Growth against the tide: The evolution of Revolut's app downloads is all the more interesting as the specialist App Radar has recorded a slowdown in download growth for the apps of Revolut's main competitors: Monzo and Starling in the lead.

  • N26 recorded 1.33 million downloads for its Android app this year, up almost 15%. N26 is therefore ahead of the other neo-banks, with an increase in downloads that is still much lower than that of Revolut.

  • Starling Bank recorded a drop of 3.4%, compared to 12.7% for Monzo. Monese even saw its number of Android downloads halved in one year.

• Relative scores: These figures for the evolution of m-banking app downloads should be seen in the context of the exceptional year of 2020, in which the pandemic and the confinements contributed to an unprecedented craze. But this development nevertheless confirms another fundamental trend in the making. While the excitement of the FinTech and neo-banking market is still with us, the madness of the early days seems to be giving way to a more temperate approach.

MARKET PERSPECTIVE

•  Some observers also point out the problems inherent in this sector, posing the paradox of success in the face of profitability that is difficult to achieve.

• Revolut represents a stereotype of this trend, posting records of growth, but also of losses.