From Germany to Ireland: The Lessons from Revolut's Rapid Penetration of European Banking

Revolut, the European fintech giant, has amassed 80 million customers and reached a valuation of 100 billion euros. In Germany, it has 3 million customers thanks to aggressive campaigns and interest on current accounts. The bank has received conditional approval to operate in Israel.

Revolut, the European fintech giant, has amassed 80 million customers worldwide and reached a valuation of 100 billion euros, shaking up traditional banking in Europe. In Germany, the bank began operating in 2022 and now has 3 million German customers, thanks to aggressive campaigns, attractive interest on current accounts (4.25% for four months), and fee-free accounts. In Ireland, the bank serves 3.4 million people, about 80% of the population, and was the first to offer mobile payments. In the UK, it has 13 million customers. The bank recently received conditional approval from the Bank of Israel to establish a retail bank in Israel, and is expected to begin operations within about a year. The main criticism concerns investigations into illegal money transfers and concerns about security breaches, as occurred in Italy.