In 5 years, Revolut evolved from a peer 2 peer transfers app to an inclusive primary bank account

Revolut, the global financial super app, marked its 5th anniversary in Romania, its first market by the number of the retail customers, in the EEA, and the second largest globally, after the UK, according to Business-Review.eu.

Since its launch, when Revolut offered peer2peer instant transfers between its customers and foreign exchange services, the challenger digital bank in EU became a provider of one of the most popular inclusive primary bank accounts in the Romanian market. Over 70 features and products were proposed to the customers, from rewards and perks to saving accounts, from lifestyle features like Stays to investments in commodities (capital at risk) and cryptocurrencies, from a travel app to a bank account for the Romanian customers allowing them to pay like locals in more than 150 countries.

Given the increasing popularity of the digital bank in Romania, Revolut reaches today a high adoption rate among the active population in the local market (34%) and a strong customer base in the main cities in the country:

  • Bucharest – 540,000+ customers
  • Iași – 100,000 customers
  • Cluj-Napoca – 92,000 customers
  • Timișoara – 75,000 customers
  • Constanța – 68,000 customers.

Initially, the financial super app was appealing mainly for the younger generation, the so-called digital natives from Generation Z and Millennials, using it mainly while travelling and for payments to ridesharing companies like Uber, Bolt or the local public transportation. During the pandemic, while the trust of the population in digital payments methods boosted, the Revolut customer profile in Romania also evolved, attracting more mature Millennials and Generation X representatives.

What is the actual customer profile of a Romanian retail client? The average Romanian customer is a man living in a medium or a big city, belongs to the 25-44 y.o. range (52%), makes at least 144 card transactions per year with Revolut to pay for day to day consumer goods and services, utilities, travel, transport, entertainment. An average Romanian customer spent over 3,610 euros with Revolut in the last 12 months and, in the same period, the total amount spent with Revolut by the local customers increased by 15% compared to the previous 12 months.

In time, the use case of Revolut app and cards evolved from a travel financial companion to a primary bank account used by the Romanian customers for daily money management needs and personal budgeting. In top 10 merchant categories, by the total volume of payments made with Revolt in the last year, can be found grocery stores and supermarkets, cafes and restaurants, service stations, hotels and motels, fast food restaurants, family clothing stores, general merchandise, electronics stores, travel agencies and tour operators, utilities.

All these merchant categories totalised payments of over 1.7 billion euros made by Revolut users in the local market, showing the strong contribution of the digital bank to strengthening a digital cashless economy in Romania.

Moreover, in times of high inflation, Revolut supported customers with new responsible products and benefits like the cashback offered to the Shops users and to freelancers and gig workers using Revolut Pro, the responsible personal loan with fixed interest rate for the entire period of the loan and no fees, or the Joint Accounts. In order to increase the financial literacy of the customers, Revolut conceived and included in-app educational content like Learn & Earn for the crypto enthusiasts and the courses on trading, for the users willing to diversify their knowledge on investments.

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