Revolut Reaches 60M Users, Acquires Bank in Argentina
Hey Digital Banking Fanatic!
Revolut has just over 60 million customers 🤯, marking 60% of the way toward its customer target. This comes seven months after CEO Nik Storonsky shared his broader vision in a conversation with Martin Mignot at Slush:
"Revolut’s future? nr1 Global Bank in 100 countries for 100M customers, and $100B revenue."
At the same time, Revolut dropped a hint about where it’s heading to reach that big goal: Argentina 🇦🇷
According to Bloomberg, Revolut is acquiring Banco Cetelem, a small local lender owned by BNP Paribas with around $6.4 million in assets.
The deal would include Cetelem’s banking license and the transfer of assets; the value of the transaction hasn’t been disclosed yet.
If completed, the deal would add another major player to Argentina’s digital banking scene, alongside Ualá and MercadoPago. Now, is Nubank joining soon?
Read more Digital Banking updates below 👇 there'll be more on Monday!
Cheers,
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NEWS
🇬🇧 Revolut has reached 60 million customers. With over 60,000 new users joining daily, the company is steadily advancing toward CEO Nik Storonsky’s ambitious goal of 100 million users and $100B in revenue. Continue reading
🇦🇷 UK FinTech Giant Revolut to acquire BNP’s Cetelem in Argentina. The purchase would include Cetelem's banking license and the transfer of its assets, and Revolut has already begun the regulatory process with Argentina's monetary authority.
🇨🇦 Zafin introduces transaction enrichment to unlock loyalty. This new capability enhances the platform by transforming raw transaction data into rich, contextual insights. It enables banks to deliver more personalized experiences, strengthen customer engagement, and lay the foundation for modern loyalty and relationship banking.
🇩🇪 BBVA launches a 100% digital bank in Germany, offering an interest-bearing checking account with no fees. It combines cutting-edge technology, through one of the top financial apps in the world, with a compelling value proposition: an interest-bearing checking account paying 3% for the first 12 months.
🇺🇸 Starling Bank sets sights on North America expansion by obtaining a banking licence or acquiring a mid-tier bank, as a loosening of regulation opens up opportunities for its banking and software-as-a-service businesses. Keep reading
🇪🇸 CaixaBank rolls out iPhone Tap to Pay to enable businesses in Spain to seamlessly and securely accept in-person payments with the iPhone, without any additional hardware or payment terminal needed. CaixaBank has become the first financial institution in Spain that allows its business customers to operate easily with their iPhone.
🇬🇧 Barclays to ban crypto transactions on credit cards. According to the bank’s website, the decision was based on concerns over volatile token prices and the lack of regulatory guardrails for investors. “We’re doing this because a fall in the price of crypto assets could lead to customers finding themselves in debt they can’t afford to repay,” said Barclays.
🇬🇧 Chase launches UK credit card, offering customers 0% interest on purchases for up to 15 months. Features include real-time balance updates, instant notifications on purchases, and in-app tools such as the ability to instantly freeze and unfreeze their physical and virtual card, turn on and off certain spending features, and spend tracking.
🇮🇳 PhonePe and HDFC Bank launch co-branded RuPay credit card with UPI integration. The card integrates directly with UPI, allowing users to make payments using credit at millions of merchants accepting UPI QR codes. Cardholders can manage their card, track spending, and pay bills through the PhonePe app.
🇬🇧 Open banking FinTech Yaspa names Chris Lowe as CFO to accelerate growth trajectory. Lowe’s expertise in financial modelling and fundraising has helped previous clients grow from start-up to scale-up and beyond; his appointment comes as Yaspa enters a critical stage in its evolution.
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