London-based fintech company Revolut announced reaching 250,000 users in Hungary, registering an eightfold increase in monthly transaction value since the beginning of the year, according to a press release sent to the Budapest Business Journal.
Revolut explains that the growth is due to the beneficial currency exchange rate offered by the company, allowing users to shop and travel abroad for a lower price. In the Revolut app, one can also purchase and sell cryptocurrencies. In addition, the company has also started offering a commission-free stock market service recently.
Clients of the companyʼs standard service could also withdraw the equivalent of HUF 75,000 without extra fees from ATMs abroad, with the limit increasing the HUF 150,000 in case of premium clients.
The fintech firm argus that users also value the extra safety Revolut grants when shopping online. The company offers payment options through virtual cards, as well as single-use ones, with the latter meaning that each transaction can be done using a new credit card number. This means that even if a clientʼs credit card data gets into the wrong hands, it will become completely useless by then.
"Revolutʼs user base is expanding at an amazing rate," says Nicoleta Scarlat, Revolutʼs head of growth for the CEE region."In October alone, we were able to welcome 40,000 new users from Hungary. The speed of the expansion proves that our product provides a solution to a real problem for Hungarian users. Hungary is one of our most important markets in Central and Eastern Europe alongside Poland and Romania. We are confident that the number of our Hungarian users will continue to grow: we want to reach 500,000 clients next year."
So far, Revolut processed HUF 172 billion worth of transactions in Hungary. The total value of transactions in October alone amounted to HUF 32 bln, an eightfold increase compared to January 2019.
“Almost half of Hungarian Revolut users live in Budapest - a very high proportion," says Karol Sadaj, Revolutʼs country manager for Poland. "In Poland, for example, we have a total of 800,000 users, but only 150,000 of them live in Warsaw. Other cities with strong user communities are Szeged, Debrecen, Pécs, and Miskolc. We hope that in the future residents of several smaller settlements will be able to enjoy Revolutʼs service."
Celebrating 250,000 users in Hungary, Revolut has launched a promotional campaign. New customers may order a Revolut card free of charge with free shipping. Further information is available here.