Revolut, the global neobank and financial technology company headquartered in London, UK, told Delano exclusively on Tuesday 2 July 2024, that its customer base in Luxembourg had exceeded 45,000 by the end of 2023, marking a substantial 47% increase from the previous year. As of June 2024, the company counts 60,000 customers in Luxembourg and targets 100,000 customers by the end of 2025.

In addition to its retail banking services, Revolut reported significant growth in its business client base, with a robust 78% annual increase throughout 2023, though specific figures were not disclosed. Globally, Revolut welcomes over 20,000 new businesses per month. 

Antoine Le Nel, chief growth and marketing officer at Revolut, outlined the company’s strategic objectives to Delano, stating, “Our objective is to lead in every market we operate in, and Luxembourg is no exception. Despite its size, the wealth and expatriate population make it particularly significant for us. We are continuously expanding our product offerings there, including the upcoming launch of our Revolut Reader.” The Revolut Reader, designed as a mobile card reader for businesses to facilitate on-the-go payments, is scheduled for Luxembourg release soon, but Le Nel would not provide a specific date.

Le Nel also revealed that Luxembourg-based clients conducted over 3.5m transactions in 2023, reflecting a robust 64% increase from the previous year. More than half of these transactions were local transfers, he said.

Discussing the retail segment in Luxembourg, Le Nel disclosed a 24% increase in the first half of the year. Moreover, deposits held by both retail and business customers have surged by 46% since the beginning of the year.