In recent years, alternative payment and money management services have been expanding their customer base and reaching more and more people, challenging the conventional way we pay, save and send money. In 2018, Revolut and TransferWise ranked first among European fintech payment companies by customer base, with four million customers each.
Transferwise
The London-based Transferwise is an online money transfer service aiding customers to move money globally, track their transfers, and lower fees. In 2020, Transferwise was one of the leading European unicorns with a market value of 3.75 billion U.S. dollars.
Revolut
Revolut, also headquartered in London, is one of the most promising neobanks on the market. The company has two main pillars - to create a single platform that fulfills the financial needs of its customers, and to become global. Currently, Revolut's products are supported across 36 countries worldwide. In the year ending December 2018, Revolut saw its revenues grow by more than 45 million British pounds compared to the previous year.
Number of customers at selected European fintech companies in 2018
(in 1,000s)
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McKinsey & Company. (November 26, 2019). Number of customers at selected European fintech companies in 2018 (in 1,000s) [Graph]. In Statista. Retrieved November 03, 2024, from https://www.statista.com/statistics/1090898/europe-customers-fintech-companies/
McKinsey & Company. "Number of customers at selected European fintech companies in 2018 (in 1,000s) ." Chart. November 26, 2019. Statista. Accessed November 03, 2024. https://www.statista.com/statistics/1090898/europe-customers-fintech-companies/
McKinsey & Company. (2019). Number of customers at selected European fintech companies in 2018 (in 1,000s) . Statista. Statista Inc.. Accessed: November 03, 2024. https://www.statista.com/statistics/1090898/europe-customers-fintech-companies/
McKinsey & Company. "Number of Customers at Selected European Fintech Companies in 2018 (in 1,000s) ." Statista, Statista Inc., 26 Nov 2019, https://www.statista.com/statistics/1090898/europe-customers-fintech-companies/
McKinsey & Company, Number of customers at selected European fintech companies in 2018 (in 1,000s) Statista, https://www.statista.com/statistics/1090898/europe-customers-fintech-companies/ (last visited November 03, 2024)
Number of customers at selected European fintech companies in 2018 (in 1,000s) [Graph], McKinsey & Company, November 26, 2019. [Online]. Available: https://www.statista.com/statistics/1090898/europe-customers-fintech-companies/