Revolut has racked up another milestone in its quest to challenge Britain’s biggest banks. The fintech giant said on Friday that it now has 10 million customers in its home market, bringing the firm’s global tally up to 45 million.
Revolut’s rapid growth saw it add another 2 million customers this year alone. The nine-year-old firm’s growing clientele was described as a “tremendous achievement” by Francesca Carlesi, CEO of Revolut U.K.
“Ten million customers across the U.K. makes us one of the largest payments businesses in the market, and we are incredibly grateful to our growing customer base, who continue to use Revolut more and more,” she said.
The announcement comes as reports emerge that Revolut is planning to issue its own stablecoin. CoinDesk, a news service focused on cryptocurrencies, reported on Friday that Revolut is “quite far along in creating the stablecoin,” while citing anonymous sources familiar with the matter.
A spokesperson for Revolut, said, “Crypto is a big part of our belief in banking without borders and we have a clear mission to become the safest and most accessible provider of cryptoasset services. As a traditional financial institution, we want to build on the trust of our customers by utilizing that expertise to further grow our crypto offering, taking a compliance first approach to become a safe harbor for the entire crypto community.”
Revolut would be joining the likes of payments giant PayPal, which launched a U.S. dollar-pegged stablecoin a year ago. Crypto-native firms Tether
Tether
In July, Revolut said it had received a British banking license from regulators. Although the approval comes with restriction, the approval means it can begin building up its banking operations to compete more directly against Britain’s biggest banks.
A month later, the London-headquartered digital bank was valued at $45 billion through a secondary share sale to new and existing investors, making it worth more than some of the nation’s largest banks. Investors are betting that Revolut has better growth prospects than traditional lenders.
Revolut’s soaring valuation has also turned it cofounders into billionaires. Nik Storonsky has a net worth of $7.9 billon, according to Forbes’ Real-Time Billionaires list, while Vlad Yatsenko’s wealth is estimated at $1.2 billion.
Revolut is considering an eventual IPO in the U.S., but Britain’s Labour government is seeking to convince the fintech to list in the U.K. instead, and reportedly has plans to meet the fintech’s management team for talks in the autumn.