8.6 C
New York
Thursday, October 6, 2022
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

Monzo gives its lowest-paid employees £1,000 cost of living payment

Digital bank Monzo is giving staff who earn less than £40,000 per year a one-off payment of £1,000 to help them cope with the cost of living.

N26 incorporates Bizum for its customers in Spain

The N26, a German digital bank, now also integrates Bizum among its payment methods, as for example, Orange Bank did in January 2021.

Klarna is set to make second round of job cuts

Swedish BNPL company Klarna Bank AB announced it will slash jobs once again after losing $39 billion of its valuation.

Revolut has become the most searched online bank in Europe

Revolut has become the winner in a study by CMC Markets that has analysed the most heavily searched European online banks and fintechs.