Revolut’s Approach to Winning in Fintech Competition

Revolut has grown far beyond its initial target demographic of young, digital-native consumers. With an average customer age of 37 in the UK, the fintech giant has successfully expanded its reach across different age groups. Originally known for its cost-effective services when travelling abroad, Revolut has become an all-encompassing platform, offering a variety of services that cater to both international and domestic users. This transition highlights how Revolut is challenging the traditional notion that digital financial services are only for younger people.

As the competition in the financial services sector intensifies, Revolut has recognized the importance of not just relying on word-of-mouth referrals, but also focusing on strategic marketing to capture and retain customers. The company is no longer only competing with traditional banks, but also with emerging fintechs, and even new entrants like Chase, with more players expected from Europe and the US in the near future. This fierce competition means that Revolut must continue to differentiate itself in the marketplace.

A key component of Revolut’s strategy has been the introduction of features like RevPoints, a rewards program that competes directly with American Express, but without the need for credit checks. By offering this program on debit card spending, Revolut caters to underserved and vulnerable customers who may not have access to traditional credit systems, thereby democratizing access to financial services. This move also allows Revolut to diversify its revenue streams, ensuring the company is well-protected from future financial shocks.

Revolut’s impressive diversification strategy extends beyond just products—its market diversification has also played a key role in its success. As stated in the company’s latest annual report, no single product or market accounts for more than 30% of its revenue. This model enables Revolut to compete across multiple verticals, from commercial real estate to loyalty programs, and positions the company as a strong player in an increasingly competitive landscape.