Revolut growth highlights 'incredible' growth of online banks in Europe

Online bank Revolut has doubled its customers in a year.

According to LearnBonds, the challenger bank has become the fastest growing bank in Europe after it reached six million customers in 2019.

The website reports that other challenger banks are also reporting massive growth rates with N26, for example, increasing its user base by 1.5 million users, moving from two million to 3.5 million.

LearnBonds reported: “The speed at which online banks are acquiring new customers is nothing short of incredible.

"If this continue N26 and Revolut combined are forecast to have over 15 million customers by December 2020.”

Another recognized challenger bank called Monzo has expanded by 150% from one million to 2.5 million users until August this year.