Estimated customer growth of Revolut and N26 2018-2020

This statistic illustrates a forecasted growth rate of online only banks Revolut and N26 based on their reported monthly new customers. The forecast works on the premise of no deviation from publicly reported figures. The Statista forecast based on app-downloads of Revolut, N26 as well as several other app-only European banks differs from these findings. If both companies continue their current trends in new customers, they could see a combined total of nearly 24 million customers by December 2020. As both companies are expecting to continue expansion into new countries for operation, the actual customer numbers could very likely exceed the figures displayed here. As of May 2020, Revolut had IOS and Android app downloads amounting to over 13 million globally. Revolut and N26 currently are the best performing disruptor banks in Europe in terms of customer numbers.

Outperforming the forecast

In February 2018, the London based company Revolut announced that they had hit 1.5 million customers, a figure that had grown to 3 million by November 14th, 2018. Then in September of 2019 Revolut announced that they had hit 8 million customers. To learn more about Revolut you can see key figures and financial figures as reported in its annual consolidated statement. The incredible acceleration of new customers joining these online-only banks has been mirrored by the Berlin (Germany) based N26 who have seen their customer base Jump from one million in June 2018 to five million as of January 2020. The current number of customers at Revolut and N26 has outperformed estimations.

Funding

The founder and CEO of N26 Valentin Stalf announced that the company’s Series D funding it acquired would be used to increase customer numbers to 5 million by the beginning of 2020. The extended round in funding in July 2019 has meant that the Berlin based disruptor has become the most funded online bank in Europe. The speed in which fintech firms and disruptor banks have risen has seen several them reach Unicorn status.

Forecasted growth in customers of online only banks Revolut and N26 from 2018 to 2020

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Sources

Release date

2020

Region

Europe

Survey time period

February 2018 to January 2020

Supplementary notes

Figures have been estimated using press release dates of customer milestones and data of average new customers per day from the respective companies included.

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