“We change the way you do money” is the slogan that greets visitors to the website of Europe’s largest startup, Revolut. But does the company uphold its promise?

Founded by Nik Storonsky and Vlad Yatsenko in 2015, their fintech company Revolut had one aim: to transform the way we spend and transfer money abroad. Initially, the platform enabled travelers to pay in 90 countries without a foreign transaction fee at real exchange rates (rates as given by the government). By 2016, the company managed to gain traction reaching 100,000 users which soon turned into 10 million users by 2019. Realizing that Revolut could do more than offer incredibly competitive exchange rates, it opened its Crypto and Trading branches and launched its first banking services in Lithuania and Poland in 2020. Fast forward to the end of 2024 and Revolut has over 45 million customers worldwide, operating in more than 160 countries, and supporting 36 currencies. The question is, where do they go from here?

To discuss Revolut’s future, it is important to explore what currently sets Revolut apart from other more traditional banks such as Barclays or HSBC: 

Fully digital operations:

Revolut is entirely online, with no branches. This enables it to offer its services 24/7, unlike traditional banks with strict opening hours. Customers can open accounts anytime and anywhere, enjoying unparalleled convenience. Moreover, Revolut’s lack of physical infrastructure reduces operational costs as it does not need to hire personnel or buy/rent buildings, allowing Revolut to offer more competitive prices. By eliminating traditional bank costs, Revolut has created a leaner and more efficient business model, attracting customers who value flexibility and cost savings.

Competitive exchange rates:

A significant draw of Revolut is its exceptional exchange rates: Research conducted by Revolut highlights that exchanging 1,000 GBP using traditional banks (Barclays, Lloyds, NatWest, and HSBC) can be 24 times more expensive on average than using Revolut. While traditional banks are often opaque about exchange fee structures, Revolut prefers to be as transparent as possible. Even when markets are closed on weekends, it charges only a 1% markup, far lower than traditional banks. Revolut’s fairness across the board has not only attracted many new customers, but has also set a new benchmark for the industry.

Rapid growth:

The final difference between Revolut and other more traditional banks is growth: between 2022 and 2023, revenue surged by 95% to $1.8bn, far out-pacing banks like NatWest with a modest 9.1% increase (Forbes). This stark contrast highlights Revolut’s huge success in the past year and its ability to disrupt both traditional banking and rival fintech competitors. 

Revolut moving forwards: 

A recent post by Revolut has outlined its future ambitions, revealing its focus to continue rolling out innovative products. Francesca Carlesi, CEO of Revolut UK, emphasized that the ultimate goal that Revolut has is to become a bank offering all services under one roof, removing the need for other banks. This would be achieved by not only offering all the services that traditional banks provide but also by offering superior services at lower prices. 

At the recent Revolutionaries event in London, founders Nik Storonsky and Vlad Yatsenko unveiled two key initiatives for 2025:

Mortgage Products:

Their new mortgage product is set to bring Revolut to speed with traditional banks, as it marks a significant milestone in the journey to become a full-service bank. Although the product will only be available in Lithuania, Ireland, and France, it signals to other banks that Revolut is now able to take part in lucrative businesses such as mortgage lending.

Branded ATMs:

Another key plan that the two founders have for the year 2025 is to introduce branded ATMs that will be able to dispense both cash as well as Revolut cards; these ATMs will allow Revolut to start to compete with traditional banks at highly competitive prices, attracting many new customers. These ATMs will also help to bridge the gap between Revolut’s digital presence and the real world, increasing customers.

Revolut’s innovative approach and swift rise have without a doubt sent shockwaves through the banking industry. Revolut’s focus on transparency, technology, and customer services sets it apart. However, as it delves further into traditional banking, the challenge of maintaining its edge will surely arise. Whether Revolut remains an outlier or becomes just another bank will depend entirely on its ability to innovate and adapt to an ever-evolving financial landscape.

As customers begin to demand ever more cost-effective, rapid, and secure financial services, Revolut stands out to take the lead. The next few years will be critical in determining whether it fulfills its promise of “changing the way you do money” or becomes just another player in the packed banking space.