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.
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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.
