Fintech scale-up Revolut has announced that it has surpassed four million customers in Italy, placing it among the top five Italian banks in terms of customer numbers, after ranking first among foreign banks operating in the country. This new milestone comes after the announcement of three million customers last January.
“Italians’ interest in Revolut is growing rapidly. Today, four Italians per minute become Revolut customers, which means that we offer a product that is right for the market and that our brand is truly appreciated. With almost one in ten Italians currently a Revolut customer (calculated on the adult Italian population aged 18 and over, 2023 data), we aim to be among the top three Italian banks in terms of customer numbers by 2026,” said Ignacio Zunzunegui, head of growth for Southern Europe, in a statement. – The reasons for Revolut’s success in Italy can be found in a powerful product that goes beyond banking and truly meets customer needs, and in a brand that is able to inspire our audience by sharing its vision and values with them.
Revolut’s growth in Italy is the result of a deep commitment to strengthening and localising its product offering to best meet the needs of Italian customers. The company has recently enhanced its app with innovative features such as eSIMs to stay connected while travelling, Duo for better financial management of paid plan benefits, and the RevPoints loyalty programme, which rewards customers with air miles and discounts on experiences and accommodation as they spend (RevPoints, Stays and Experiences terms and conditions apply). In the near future, Italy will also receive the latest generation of Revolut ATMs, which have just been launched in Spain. The Unrestricted Deposit Account, which offers a flexible savings solution for adults and children with interest rates of up to 2.50% paid daily, has seen over 100,000 accounts opened in Italy since its launch last January.
At the same time, Revolut has entered into high-profile partnerships to connect with its customers’ passions. Globally, the partnership with Audi will kick off a series of initiatives for Formula 1 fans starting in 2026, while in Italy, the agreement with Como 1907 will allow the company to forge strong ties with the football community.
A key factor in Revolut’s growth in Italy has been the recent launch of Italian IBANs, which simplify everyday transactions, allowing users to receive their salaries into their Revolut accounts and pay bills or direct debits without any hassle. All this is done under the supervision of the Italian regulatory authority.
With the introduction of IT IBANs, Revolut has seen a significant increase in adoption as a primary account: customers receiving their salary into their Revolut account have increased by 62% since last November, with LT IBANs; customers topping up their Revolut account with at least €1,000 per month have increased by 630% since last November.
“We are seeing a clear ‘IBAN effect’ on how our customers use Revolut, with a tangible increase in its use as a primary account compared to when we did not have a local IBAN and branch,” adds Nicola Vicino, general manager of Revolut Bank Italia. (in the photo) – On the one hand, we see that the number of customers who have decided to receive their salary on Revolut has increased since the introduction of IBAN, but on the other hand, we see that many people who still receive their salary elsewhere prefer to use Revolut for their daily expenses. This shows that our customer experience is appreciated and that people really trust our company and our products.
All Revolut accounts with an IT IBAN are managed by the Italian branch of Revolut Bank UAB and supervised by the local regulatory authority (Bank of Italy) and the European Central Bank. Customer deposits continue to be covered up to €100,000 by the Deposit Guarantee Fund of the Bank of Lithuania.
Revolut recently announced the creation of a new headquarters for Western Europe in Paris, which will also manage the operations of the Italian branch in the future. Revolut will apply for a French banking licence from the Autorité de Contrôle Prudentiel et de Résolution (ACPR), the regulatory authority responsible for supervising the French banking sector.
Revolut has appointed Frédéric Oudéa, who led Société Générale for over 15 years, as chairman of Revolut Western Europe, marking another significant milestone in the company’s expansion strategy in the region. Earlier this year, Revolut announced Paris as its headquarters for Western Europe, backed by a £1 billion investment plan and plans to apply for a French banking licence, demonstrating a long-term commitment to the ecosystem. Since then, the company has shared its hiring plans for France and Western Europe and appointed Béatrice Cossa-Dumurgier as CEO for Western Europe.
Frédéric Oudéa’s appointment comes at a time when Revolut is accelerating its strategy of localising operations and improving regulatory alignment in its key Western European markets, including France, Germany, Ireland, Italy, Portugal and Spain. As part of this transformation, the company is finalising the creation of a Board of Directors for Western Europe, composed of experienced figures from the financial, regulatory and digital sectors. The initial members include: Frédéric Oudéa, Chairman of the Board of Directors; Brigitte Cantaloube, Independent Non-Executive Member of the Board of Directors; Béatrice Cossa-Dumurgier, CEO Western Europe at Revolut; Pierre Décoté, Group Chief Risk & Compliance Officer at Revolut; Siddhartha Jajodia, Group Chief Banking Officer at Revolut; and Pascal Pincemin, Independent Non-Executive Member of the Board of Directors.
At the same time, Revolut is establishing an Executive Committee dedicated to Western Europe to define Revolut’s long-term strategy across the region and implement it effectively and responsibly. Initial members include: Béatrice Cossa-Dumurgier, CEO Western Europe (formerly Société Générale, BNP Paribas); Jean Lecomte, Deputy CEO & Chief Operating Officer (formerly Younited, McKinsey); Kawtar Adlani, Chief Financial Officer (formerly CCF); Jean-Sebastien Goetschy, Chief Information Officer (formerly Société Générale, Caisse d’Épargne, BPCE), Marion Goyenetche, Head of Legal (formerly ACPR, ECB), Bastien Moreno, Head of Internal Audit (formerly bunq, BNP Paribas), and Aurélie Ranouil, Chief Compliance Officer (formerly N26, Deutsche Bank).
ALL RIGHTS RESERVED ©