Revolut, the UK-based neobank, announced on April 1 that over one million private customers in Switzerland are now using its services.

The company opened a local office in Switzerland just last year, which now allows it to engage directly with clients in the country.

To date, Revolut has attributed its growth to organic factors, driven by referrals and word of mouth rather than large-scale marketing campaigns.

As finews.com reported, the company’s expansion has been primarily through this organic approach.

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 approximately 2.5 million customer relationships in Switzerland, though the number of actively used accounts is unclear.

As recently as December, Revolut confirmed a Swiss user base of 900,000, with plans to add 250,000 new clients annually.

With the new milestone of one million customers, it appears the company is well on track to meet that target.

“Reaching one million private clients in Switzerland is a testament to the value we provide our customers,”

said Julian Biegmann, General Manager for Switzerland.

“We are committed to the Swiss market and focused on offering tailored financial solutions that meet the evolving needs of our customers”

Biegmann pointed to the company’s recent introduction of Swiss virtual IBANs, QR-code payments, and access to investment products. He added that Revolut plans to roll out more products for Swiss users in the coming weeks.

Revolut also reported significant growth in app usage, with the number of transactions increasing by 33 percent in 2024.

The total transaction volume rose by 35 percent, and in the first quarter of 2025 alone, the app processed 53.1 million transactions – nearly double the 27.7 million recorded in the same quarter of 2024.

Roughly half of those were domestic transactions, while the other half were international, highlighting Revolut’s growing role in everyday payments such as groceries and bills.

Revolut also announced new features for local customers, including access to equities, ETFs, and money market instruments alongside Swiss IBANs, with more tools and services expected to follow soon.

Founded in the UK in 2015, Revolut 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 approval for 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.

Rumours continue to circulate that Revolut has applied for a full Swiss banking licence with the local regulator, FINMA, although the company has so far declined to comment.

Featured image credit: edited from freepik