How To Build an App Like Revolut?

Revolut is creating a humongous buzz, and it is dominating the fintech segment quite literally. Whether it is digital wallets, mobile banking, or cryptocurrency trading, Revolut has established itself as a leading brand across multiple financial sectors. The popularity is increasing in leaps and bounds resulting in a sixfold increase in the company’s worth. Revolut has solidified its place as a fintech powerhouse. Here are a few stats about the fintech app Revolut that will leave you spellbound and confirm the incredible growth of the platform. 

• Revolut is now valued at $33 billion, reflecting a six-fold increase on the calculated worth of $5.5 billion from last year.
• According to the 2021 reports, Revolut raised a $800 million funding round led by SoftBank. 
• In 2023, Revolut generated £1.8 billion in revenue, which is a 94% increase from the previous year.
• In August 2024, Revolut confirmed a valuation of $45 billion, which is a significant increase from its 2021 valuation of $33 billion
• Revolut’s B2B sales team grew to over 900 employees by the end of 2023. 

Do you feel inspired by Revolut’s success and stats? Do you want to create an app like Revolut? If yes, read this blog to learn more about the Revolut app in detail and how we can help you in the process. Keep reading. 

What is Revolut? 

Revolut is one of the top neobank and financial technology companies that has gained tremendous traction recently. It is a UK-based company launched by Nikolay Stronsky and Vlad Yetsenko in 2015.  Even though it is just a 9-year-old company it has garnered over 45+ million users, isn’t that just amazing? 

Do you want to know the reason behind this captured popularity? And why is Revolut different from the traditional banks? 

• Revolut offers interactive payment features and can transact in 36 currencies across 160+ countries. 
• It is a digital banking platform using which users can open accounts in minutes and manage their finances.
• RevolutX is a crypto trading platform where traders can trade cryptos securely. 
• The platform offers mobile wallets for swift transactions. 
• It is highly scalable and can handle a good influx of visitors at a time.
• Revolut has a stellar UX and gives full control to the users. 
• It charges lower fees for transactions and ATM withdrawals. 
• The platform also allows users to invest in NYSE stocks and operates on customer-friendly conditions. 

According to human psychology, if a brand excels across multiple segments and generates stable revenue, people are likely to trust it more. 

Creating an application like Revolut requires a strategic approach and meticulous planning where every single aspect is comprehensively researched. At IT Path Solutions, we look into the intricacy of the fintech app development idea and suggest a plan accordingly. 

How Does Revolut Make Money? 

If you are developing a fintech application, you definitely want to know how you can manage your finances. After all, building a fintech application is not a small investment, but a huge one. 

The good news is that there are several monetization strategies you can adopt to generate a profitable business like Revolut. To inspire your journey, here are ways in which Revolut generates revenue.

Subscription models:

By offering premium features at a specific price, you can encourage users to subscribe to it. If the users are already convinced with your free model, they wouldn’t mind paying a recurring amount for accessing premium features. 

Transaction fees:

You can introduce transaction fees for certain financial operations, such as peer-to-peer transfers, currency conversions, or investment transactions. A carefully designed fee structure for each service can ensure steady revenue without compromising user satisfaction.

Premium service access:

Revolut offers access to certain advanced features and add-ons to users only if they opt for its premium services. Likewise, while developing a fintech application, you can do the same.

Advertising and Sponsorships:

Another way to monetize through the application is by implementing targeted advertising placements or publishing sponsored content from relatable brands. The display of advertisements should be a transactional deal that generates extra revenue for your fintech app. 

Partnerships and Affiliations:

You can partner up with different financial institutions or insurance providers to let them sell their services and in return, you earn commission from them. 

What Features Should You Include In Your Fintech Application Like Revolut? 

Fintech is a vast pool where you can play around with a lot of features to create an engaging and user-friendly fintech solution. You must do your part of the research for the fintech app idea that you wish to develop. Here are some key features that you can consider. 

 For the users:

Money transfer and payments:

This feature lets users send money to another account or make payments using the same. 

Currency exchange: 

Allow users to exchange currencies with real-time rates and transfer them using the app. 

Budgeting tools:

Let app users track their expenses, set budgets, and decide on the limits of expenditures. This will help them make informed decisions about their expenses. 

Account management:

Allow users to manage their bank accounts, and link their cards using the account management feature.

Savings and investment:

Using this feature, users can invest in stocks, and cryptos and manage their investments. 

Push notifications:

Allow users to enable and disable push notifications as per their requirements.

Loyalty and Reward programs:

Let app users leverage loyalty and reward programs and earn incentives that allure them to use the application. 

For the Admins:

Admins need to manage the influx of members on the application. To them, you can offer the following features. 

User management:

Let admins manage all the onboarded users’ accounts and perform the activities around. For example, verifying the users, detecting any suspicious activities, or changing the user access levels. 

Transactions monitoring:

Allow admins to look at any suspicious or fraudulent activities and take necessary actions against them. Allow them to block or freeze the accounts if necessary. 

Compliance and Regulation:

Admins are responsible for ensuring compliance with financial regulations like Know Your Customer checks and anti-money laundering measures. 

Customer support:

Admins are delegated to solve any customer queries or help them if they feel stuck. 

Analytics and reporting:

A fintech app like Revolut should have a comprehensive dashboard that provides deep insights into the platform.

Platform configuration:

Let admins manage and customize the platform’s functionality as required.

Also, you can integrate some additional features that can help the fintech application foster a better experience. 

• Debit card integration: The application should provide physical and virtual debit cards using which users can conduct transactions in multi-currency.  However, virtual cards should have added layers of security to ensure that no fraudulent activities take place. 
• Offer Insurance plans to users who want to secure money for specific damage or a loss. 
• Rewards: The app should offer rewards and discounts in a scratch card to individuals upon every spending or transaction. This will attract users to use the application more frequently.
• Open banking APIs: Revolut offers open banking APIs that allow third-party’s 

What Is Our Development Process For a Fintech App Like Revolut? 

Fintech app development requires extensive research and experience in the fintech app development domain. IT Path Solutions follows a standard app development process that enables us to deliver a scalable fintech app. 

What Is The Cost of Fintech App Development Like Revolut? 

The cost of fintech app development depends on multiple factors such as: 

• Features selection;
• A platform for app development;
• Design complexity;
• Security requirements;
• Compliance;
• Third-party  integrations;
• Technology stack;
• Hourly rates of developers;
• Location of app development company;

As you can see, the cost of app development is very subjective, and we request you to discuss the app development idea with us. We can guide you through the process and give you an estimated amount for app development. 

Our pricing usually starts from $25,000 and goes up to $50,000+ depending on the level of customization you initiate. 

What Other Platforms Can You Consider for Developing a Fintech App?

The fintech segment is competitive and to stand out in the competition, you need to offer something that your competitors don’t. To ensure that you have unique offerings, here are a few fintech apps that are alternatives to Revolut. 

1. Starling
2. Monzo
3. Monese
4. Chase
5. Curve

Global Alternatives Of Fintech Apps Like Revolut:

Monzo app: 

It is a British Online bank that facilitates users with a variety of features including savings insights, real-time notifications, automatic roundups, anti-fraud systems, and a lot of other offerings. It features an intuitive dashboard that helps users spend more confidently without incurring any fees. 

Starling: 

Starling Bank app features more than 10 million downloads. This app lets you open a bank account in minutes, for free, while sitting in the comfort of your home. Fintech app Starling is known for its simple and secure way of managing money, transferring payments, and viewing past transactions in real time. 

Monese:

Monese is a digital banking app offering flexible, borderless banking services for personal and business accounts. Designed to cater to mobile-first users, Monese allows individuals to open multi-currency accounts without the need for a local address or credit history. The app provides essential financial services, including instant account setup, international transfers, budgeting tools, and contactless payments via virtual and physical cards. With user-friendly features and no hidden fees, Monese simplifies managing finances across countries. Its seamless integration with popular payment platforms like PayPal and Google Pay makes it ideal for ex-pats, freelancers, and frequent travelers seeking convenient banking solutions.

Curve: 

Curve is a financial app that allows users to manage their debit card, credit card, loyalty card, etc, all under one app. It is used by more than 3 million customers and has unique offerings that enhance finances. 

Chase: 

Chase is an award-winning bank app that lets users spend, save, and invest with a single app. It has garnered more than 3.4 million ratings by offering a wide range of mobile banking services. 

Conclusion:

Developing an app similar to Revolut might seem fascinating, but it is challenging to develop a fintech app that can outstand Revolut. The process involves a lot of criticality and discussions before the release of the actual product. 

As an experienced app development firm, we take up the responsibility of delivering your dream app as per your expectations. Get in touch with us about your project deliverables.