Revolut passes 1 million customers in Belgium

Digital bank Revolut has surpassed 1 million private customers in Belgium, the company said on Wednesday, highlighting its fast growth in the country.

Launched in 2015 as an app for cheap foreign payments and currency exchange, the British fintech has since grown into a fully licensed European bank. It operates under a licence from Lithuania.

Until recently Belgian users received Lithuanian accounts, but since May last year new customers have been given Belgian account numbers.

Revolut says it is adding around 25,000 new users each month in Belgium. Customers now make more than 12.5 million transactions monthly and spend nearly €600 million through the app.

The bank offers several subscription plans, from free accounts to €70 a month, and recently introduced a savings account with daily interest payments.

Focus on young users

Revolut is particularly popular among young people. This is helped by influencer marketing such as a promotion by Belgian YouTuber Acid. The bank operates as a fully digital “neobank”, allowing users to pay, exchange currencies, and invest in shares or cryptocurrencies from a single app.

Experts say the app’s simple design and rewards system make banking feel fast and easy, but some warn this “gamified” approach could encourage young users to spend or invest too quickly.

Globally, Revolut has more than 70 million customers and aims to reach 100 million by 2027. It recently applied for a banking licence in the United States.

^{© JUSTIN TALLIS / AFP}