8.6 C
New York
Tuesday, May 28, 2024
Home Challanger banks Revolut’s app was downloaded 5.8 Million times in 2020

Revolut’s app was downloaded 5.8 Million times in 2020

The digital bank Revolut had more app downloads in 2020 than Monzo and Starling combined.

As the Telegraph reported, Revolut’s banking ” super-app” grew more quickly in 2020 in terms of total app downloads than its rivals, and the competition between the UK’s challenger banks intensified.

Read also: N26 is authorized to operate in Brazil

Revolut’s app was downloaded 5.8 million times last year, according to data provided by Sensor Tower. This is reportedly more than two times the number of total downloads of competing banking challenger apps.

Monzo Bank’s banking app was downloaded about 2.4 million times, while, Starling Bank’s app recorded 1.3 million downloads.

Revolut’s leadership in terms of app downloads may be attributed to its steady global expansion efforts, with its app now available in 36 different countries.

While Monzo Bank has only expanded its services to the US last year and Starling is focused on establishing operations across Europe this year.

David Brear, CEO at 11:FS, the Fintech consultancy, stated that these numbers suggest that Revolut has managed to achieve “impressive” growth in 2020 and added: “While downloads do not equate directly to new customers, the fact that they are more than Monzo and Starling combined nearly every month speaks to their continual impact on the industry.”

However, according to Sensor Tower data, monthly downloads of Revolut’s app fell from around 800,000 at the beginning of 2020 to only about 400,000 in November of last year.

Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

Recent posts

NEW Revolut UK CEO to make Conference Debut at MoneyLIVE Summit

MoneyLIVE has today announced that Revolut’s newly appointed UK CEO will be making her conference debut at MoneyLIVE Summit 2024, which is...

2024’s Financial Innovators: A New Era of Banking Startups 

In the wake of the COVID-19 pandemic, our world witnessed an unprecedented shift towards digitalization. The banking industry, in particular, has been...

C-suite Banking and Payments Leaders From Across Europe Set to Meet at London’s MoneyLIVE Summit in March

On the 6-7 March 2024 MoneyLIVE Summit will return to London’s QEII Centre to unite over 1000 banking and payments leaders from...

The Evolution of Digital Wallets: A Shift from Physical Cards by 2030

By 2030, we can expect digital wallets to become the preferred payment instrument, offering a myriad of non-payment-related services for consumers.