Revolut, the global financial super app with more than 25 million customers worldwide, today announced that it has surpassed one million customers in Italy, which remains a key market for Revolut, being the seventh largest globally.
The number of Italian customers has grown by 900% in the past three years, from 100,000 to over 1 million, and by 60% in the past 12 months.
The typical Italian user is on average 35 years old, lives in a large city, and uses their smartphone to handle a variety of transactions, including money management.
Italians’ use of Revolut’s features has also increased over the past year. Card payments have increased by 120% and contactless transactions have increased by 130%.
The amount of deposits into Savings Vaults (personalized savings spaces that customers can manage and customize as they wish, creating automatic savings rules, setting goals, and even sharing them with family or friends for joint spending) has increased by 156% while payments between users within the app (peer-to-peer) have almost doubled (+96%).
Ignacio Zunzunegui, recently appointed as the new head of the Italian market and Head of Growth for Southern Europe, commented:
“It is really gratifying to see this level of interest in the Revolut app in Italy.
Italy is among the major markets for Revolut; it has experienced solid growth since its launch in the country in 2017 to over a million customers today. This is due to the combination of effective money management tools and low or even zero fees that we offer our customers, as well as the introduction of local features that meet the needs of customers living in the country.”
Revolut and new products
Over the past year, Revolut has continued to improve its product in Europe and Italy, changing the way customers manage their money.
With the European banking license, Italian customers have their deposits protected up to 100,000 euros and benefit from greater control, value, and security for their money, as well as the ability to access new products in the future. In February, Revolut integrated pagoPA within the app, making the payment of bills and taxes easy and inexpensive, also being the only app to allow this type of transaction without any fees.
Zunzunegui concludes:
“More than 60% of our Italian customers decide to open an account on Revolut mainly to spend or save on a daily basis, but then they discover that we also offer other great solutions, and for example for 35% the most used feature becomes our money transfers, which we offer instantly and with zero or very low commissions. We listen to our customers and constantly improve our super app to offer them the innovations they need based on their local needs, along with more control over how they spend, to promote healthy habits and financial well-being.”
According to a recent study of more than 1,000 Italians conducted by Revolut and Dynata, 87% of respondents agreed that better financial education could improve their lives.
This survey was conducted by Revolut in October 2022 among a representative sample of the Italian population of more than 1,000 Italians over the age of 18.
To achieve this goal, financial planning software and apps are considered valuable aids by nearly one in four Italians, and the percentage rises to 28% among Millennials and even 34% in Generation Z.
Revolut is building a financial super app to enable users to track, manage and get the most out of their money.
Italian customers can benefit from more than 70 features in one place – checking accounts, children’s accounts, rewards, piggy banks, donations – as well as set monthly spending budgets, use their virtual and physical cards for purchases, make instant transfers, chat with their friends while exchanging money, withdraw money abroad and pay in other currencies at the interbank exchange rate.
Revolut also offers additional services for travelers such as “Stays,” to book hotels and homes and receive up to 10% cashback, travel insurance with Allianz, airport lounges in case of a delayed flight, and more.
