The London N26 competitor Revolut wants to drive expansion with local teams in 19 European countries, including Austria. Over the past three months, it has increased from three to four million users. In the medium term alone in this country will be a million.
Ambitious goals are one of the so-called Challenger banks used. And the growth figures for N26 and Revolut show that the vision of the transformation of the banking landscape is alive. As London’s FinTech Revolut announced, it has been able to increase its total user base from three million to four million in the past three months alone. However, this growth rate does not seem to be enough for management yet. “Our goal in Austria is one million customers over the next two to three years,” says Valentin Scholz, Head of Engagement at Revolut.
ROOF room as a special challenge
At the moment there are just over 300,000 users in the entire DACH area. 1000 would come on average per day, according to FinTech. To make matters worse in the region certainly the good positioning of the direct competitor N26 added. So that Revolut can achieve its ambitious Austria goal – one would already be at the top of the list according to customer numbers – growth must therefore be neatly increased again.
Local Austria team is supported from London
The aim is to help a local team that is now being set up in Austria (and 18 other European countries). “It will consist of a Country Growth Manager and one person each responsible for PR and Business Development. In addition, we are looking for community managers for Vienna and Graz as well as perhaps Innsbruck, “explains Valentin Scholz. The local teams should also be supported by a central team in London. The plan is to recruit more than 200 people over the next six months, according to Revolut.
Will Revolut create the timeline for the global rollout this time?
“We believe that we have just scratched the surface,” says Revolut Founder and CEO Nik Storonsky. In addition to the now announced “European Growth Machine”, there are also further steps towards global expansion. So in the coming months (“early 2019”), the launch in the US, Canada, Singapore, Japan, Australia and New Zealand. Corresponding plans, especially regarding the entry into the US market, have already been communicated several times. The set timelines have been missed so far – by the way, as well as competitor N26.
Photo by daniel plan on Unsplash
Also published on Medium.