There are over 500,000 Revolut users in Bucharest, which places the Romanian capital second in the top 10 cities with the most customers of the financial app, according to the data available as of January 2023. The ranking is led by London, with Bucharest being followed by Dublin, Warsaw, Budapest, Paris, Madrid, Sofia, Vilnius, and Barcelona.

According to the official data, the digital bank enjoys popularity among the inhabitants of five capitals located in Central and Eastern Europe (CEE), which accumulate almost 1.5 million users.

Bucharest also has a good score regarding the adoption rate of the Revolut app, with 41% of the active population. Four in ten Bucharesters between the ages of 15 and 64 have a Revolut card and use it for day-by-day banking operations and transactions: bank or P2P transfers, currency exchange, payments to merchants, savings, loans for personal needs, investments, or to control their budget.

The highest adoption rates among the working-age population within the top 10 cities are registered in Dublin (86%) and Vilnius (45%), followed by Bucharest (41%), Sofia (35%), Warsaw (30%) and Budapest (28%). In London, the adoption rate is 19%.

At the national level, Revolut said it reached an adoption rate of 31% among the active population. Iasi is the second biggest Romanian city, with almost 90,000 customers, followed by Cluj-Napoca, with 89,000 customers, Timisoara (71,000), Constanta (63,000), and Brasov (62,300). Craiova, Galati, Ploiesti, and Sibiu are also in the top 10, with between 35,000 and 47,000 customers each.

The Revolut report also said that a third of customers (29%) fall into the 25-34 age group, 24% are from the 35-44 group, and 23% are in the 18-24 age group. But the financial app also began to grow in popularity among the most experienced or senior age segments (16% of the 45-54 age group and 6% of the 55-64 age group) as it diversified its portfolio of products and features. Thus, it has evolved from the positioning of an app specialised in quick transfers and currency exchange, preferred especially by travel enthusiasts, to a primary bank account.

In 2015, Revolut launched in the UK offering money transfer and exchange. Today, more than 25 million customers around the world use dozens of Revolut’s products to make more than 330 million transactions a month.

irina.marica@romania-insider.com

(Photo source: Dreamstime.com)