More than one million private customers in Switzerland are now using Revolut, the U.K.-based neobank announced on Wednesday.

The company only opened a local office in Switzerland last year, which now allows it to engage directly with clients in the country. So far, Revolut says, its growth has been entirely organic – driven by referrals and word of mouth rather than major marketing campaigns.

Ambitious Growth Plans

Roughly one in six Swiss residents between the ages of 20 and 64 has signed up with Revolut. For comparison: local banking group Postfinance has around 2.5 million customer relationships in Switzerland – though how many of those are actively used is another matter.

As recently as December, Revolut had confirmed a Swiss user base of 900,000, announcing plans to add 250,000 clients annually. With the new figure, it seems well on track to meet that target.

«More Products for Swiss Users»

«Reaching one million private clients in Switzerland is a testament to the value we provide our customers,» said Julian Biegmann, General Manager Switzerland. «We are committed to the Swiss market and focused on offering tailored financial solutions that meet the evolving needs of our customers.»

He pointed to the company’s recent introduction of localized services such as Swiss virtual IBANs (which caused some confusion at first, as finews.com reported), QR-code payments, and access to investment products. «In the coming weeks, we plan to roll out more products for Swiss users,» Biegmann added.

Transactions Nearly Doubled

According to Revolut, usage of the app rose significantly over the past year. In 2024, the number of transactions increased by 33 percent, while transaction volume rose by 35 percent.

In the first quarter of 2025 alone, the app saw 53.1 million transactions – nearly double the 27.7 million recorded in the same quarter of 2024. Roughly half of those were domestic, the other half international – highlighting Revolut's growing role in everyday payments such as groceries and bills.

«Becoming Number One»

«Our ambition is to become the number one in every country we operate in,» said Wiktor Stopa, Head of Growth for Western Europe. «Switzerland is a key market for us, and we see significant opportunities for further growth and innovation.»

Revolut also announced additional features for local customers. These include access to equities, ETFs, and money market instruments alongside Swiss IBANs. More tools and services are expected to follow soon.

Swiss Banking License?

The neobank, founded in the UK in 2015, now has more than 50 million customers worldwide and processes over 800 million transactions per month. In January 2024, the Swiss Financial Market Supervisory Authority (FINMA) granted the necessary approval allowing Revolut Bank UAB and Revolut Securities Europe UAB to establish an official representative office in Zurich under the name Revolut (Switzerland) AG. The entity became operational in July 2024, enabling both firms to offer their services to local clients.

Rumors continue to swirl that Revolut has applied for a full Swiss banking license with local regulator Finma – although the company has so far declined to comment.