Fintech giant Revolut continues to make significant inroads across Europe, with especially impressive growth in Switzerland and France. Recent announcements highlight the neobank's accelerating user acquisition and ambitious plans for these key markets.
Swiss Success: One Million Clients and Counting
Digital bank Revolut has officially crossed the one-million mark for retail clients in Switzerland, an impressive achievement considering the company only established a local office in the country last year. This milestone means roughly one in six Swiss residents between 20 and 64 years old now has a Revolut account.
Julian Biegmann, General Manager for Switzerland, highlighted this achievement as "a testament to the value we provide our customers." The growth has reportedly been entirely organic, driven by referrals and word of mouth rather than major marketing campaigns.
The neobank's Swiss usage statistics are equally impressive:
- Transaction numbers increased by 33% in 2024
- Transaction volume rose by 35% in the same period
- Q1 2025 saw 53.1 million transactions — nearly double the 27.7 million recorded in Q1 2024
- Approximately half of all transactions are now domestic, showing Revolut's integration into everyday Swiss financial life
Revolut has been enhancing its Swiss offering with localized services including Swiss virtual IBANs, QR-code payments, and investment products. According to Wiktor Stopa, Head of Growth for Western Europe, "Our ambition is to become the number one in every country we operate in. Switzerland is a key market for us."
Industry speculation continues about Revolut's potential application for a full Swiss banking license, though the company has declined to comment on these rumors.
French Market: Explosive Growth Makes France Revolut's Most Dynamic Market
Meanwhile, Revolut has achieved even more dramatic expansion in France, now claiming 5 million users — an increase of 1 million in just five months. This explosive growth has made France Revolut's most dynamic market, outpacing even its home market of the United Kingdom in terms of growth rate.
The French success story is particularly notable for happening without traditional customer acquisition tactics:
- No welcome bonuses or aggressive promotional campaigns
- Growth attributed to user experience quality and product offerings
- Approximately 200,000 new French clients opening accounts monthly
- 1.35 million app downloads since January 2025
Antoine Le Nel, Revolut's worldwide growth and marketing director, notes that "France is our second market after the United Kingdom, but it's the first in terms of growth." The company has set ambitious targets of reaching 10 million French customers by 2027 and potentially 20 million by 2030 — directly challenging Boursobank's current market leadership with 7.2 million accounts.
Evolving Beyond Travel Banking
Both markets show Revolut's successful transition from a travel-focused financial app to an everyday banking solution:
- In France, 79% of payments are now domestic (up from 70% two years ago)
- In Switzerland, approximately half of all transactions are domestic
Strategic Expansion of Services
To maintain momentum and compete with traditional banks, Revolut is expanding its service offerings in both markets:
In Switzerland:
- Access to equities, ETFs, and money market instruments
- Swiss IBANs
- Additional financial tools and services in development
In France:
- Enhanced savings and investment tools
- Upcoming launch of Livret A accounts and PEA (stock savings plans)
- Mortgage lending being tested for 2025 deployment
- Overdraft facilities
- Plans for ATM network deployment across the country
Financial Performance
This growth strategy appears to be paying dividends for the company, which doubled its revenue in 2023 to €2.1 billion and reported a net profit of €395 million (up from just €6 million the previous year). The company's valuation now stands at an estimated $48 billion — exceeding that of established banking giant Société Générale by $12 billion.
With established operations in 38 markets and over 50 million customers worldwide processing more than 800 million transactions monthly, Revolut's European expansion shows no signs of slowing down.