Revolut is Europe’s most searched bank and that’s saying a lot

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With the massive arrival of multiple neobanks between 2015 and 2020, the market has dispersed. Then the confinement and the drop in spending by individuals undermined the model of these mobile banks in the launch phase. Today, only the strongest and most creative have remained. Revolut in the lead.

The neobank appears in first position in Google queries for many European countries. Soon, new products and services will arrive to cast an even wider net, among individuals and professionals alike. At the same time, Revolut invests heavily in cryptocurrencies.

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Foreign currency withdrawals: Free up to €200 per month • Foreign currency payments: Free

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In the results of a study conducted by the broker CMC Markets, we therefore learn that Revolut has reached first place in European Google queries in the mobile banking category, with 923,000 average monthly searches.

It dominates the rankings in 15 countries, including Germany and Spain, very important markets for it. In each of the countries, more than 70,000 requests on its behalf are made each month. In second place, we find Wize and its services to transfer money internationally faster and for much less than going through its bank.

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By doing a quick search on Google’s statistics tool, lemon squeezer draws the same conclusion. The number of searches to Revolut has even increased significantly over the past twelve months. Faced with its direct competitor N26, the gap is also widening. The trend is clearly visible on a global scale. The German neobank has to deal with a regulator that has curbed its growth and with a perilous management of the closure of accounts of certain customers, particularly in France, since then.

Revolut N26 Google World

©Google

In France, the difference is smaller and this is easier to understand, as Revolut and N26 were neck and neck for a long time. N26 is losing ground as its international deployment is much less advanced than that of Revolut, which is available in the United States and Canada in particular. In Germany, the trend is clear enough to be able to come to the conclusion that Revolut could overtake the competing neobank, which nevertheless plays at home.

Revolut N26 Google United Kingdom

©Google

Revolut N26 Google Germany

©Google

Like a bank, better than a bank

Revolut’s strategy has changed a lot since its launch. Its range of products too. Until the health crisis, the ambition was to offer the simplest banking offer and free of charge. The only remuneration model: interchange rates, when customers use their card to settle transactions. To achieve profitability, Revolut therefore had to exceed 100 million customers.

The pace was not up to par and the neobank changed to open up to paid offers, more complete and premium formulas. Insurance has multiplied, and the focus on travel has given way to other priorities at Revolut such as investment products (stocks, cryptocurrencies, commodities) and a marketplace with promotions.

Act like a bank, better than a bank. That’s the goal now. In addition to more comprehensive investment products than with a traditional bank, Revolut also competes with the conventional model of establishments by offering the same products: current account with French IBAN, professional account, mobile TPE, international cards, and soon personal and savings.

Everything changed in December 2021 when Revolut became Revolut Bank, to have much wider access to the services and skills available: financial investments, overdrafts and credit, for example.

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While waiting to see new products arrive on bank account and card offers, Revolut has just announced Revolut Pro in France (for self-employed people) and its mobile payment terminal is coming with competitive prices. On the cryptocurrency side, we should hear more in the coming months about Revolut’s biggest project to date, which will likely include creating its own virtual currency.

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