Founded in December 2013, Revolut is a London-based digital bank that has rapidly expanded its customer base. By December 2024, Revolut had reached **** million customers, making it the largest European online bank. The platform is most prevalent in the United Kingdom and the United States, with growing presence in France, Spain, and Romania. Between March 2015 and January 2025, the Revolut app was downloaded over ** million times in the UK, highlighting its significant market penetration. Revolut's expanding customer base Revolut has experienced remarkable growth in its customer base since its foundation, reflecting its success as a leading digital banking platform. In November 2024, Revolut announced that it had reached an impressive ** million users, a significant leap from the *** million customers it had in February 2018. This exponential increase underscores the platform's popularity and its effective strategies in expanding its user base. Continuing this upward trajectory, Revolut's customer base is forecasted to exceed ** million by the end of 2025. Is Revolut profitable? Revolut's financial journey has been marked by significant complexity and evolution. After reporting its first annual profit in 2021, the digital bank experienced a notable profit decline in 2022. However, 2023 emerged as a breakthrough year, with net profits soaring to over *** million British pounds - the most profitable period in the neobank's history. The substantial profit in 2023 signals a potential turning point for the digital banking platform, showing it can compete effectively with traditional banks and emerging fintech rivals.

Incorporated in December 2013, the London-based challenger bank Revolut has grown exponentially. In February 2018, the company announced that they had hit *** million customers, a figure that had grown to ** million by 2024. Currently, Revolut has the highest number of customers of any European online bank. Key markets In early 2025, Revolut operated in ** countries, with its strongest presence in the United Kingdom (UK) and the United States, while also gaining significant traction in other key markets like France and Spain. As of January 2025, the UK accounted for more than ** percent of Revolut's global downloads, while the U.S. represented over ** percent. Between March 2015 and January 2025, the Revolut banking app had been downloaded more than ** million times in the UK alone. Forecast growth of European neobanks Revolut experienced a significant surge in downloads during the first quarter of 2020, coinciding with its U.S. market entry. This expansion helped drive the neobank's remarkable growth, leading to a customer base of ** million by 2024. Current projections indicate Revolut's customer base will reach ** million by the end of 2025. While its main UK competitor Monzo is also expected to grow, the projected increase is considerably smaller than Revolut's anticipated expansion.

As of January 2025, customers of Wise could send money to 73 countries across the world. At the same time, Revolut was available in 39 countries. The Berlin-based N26 operated in 24 countries. Both Wise and Revolut experienced a rapid customer growth in recent years, with Revolut reaching the milestone of 50 million customers in November 2024. Bunq The Amsterdam-based app-only bank, Bunq, announced in 2019 that they were expanding to a further 22 countries across Europe, bringing their total number of operations to 30 countries. Bunq has seen far less funding than some other online-only banks in Europe. European digital banks on the global stage The European digital banking sector is globally robust. Leading European digital banks, such as Revolut, Wise, and Starling Bank, ranked among the most profitable digital banks worldwide in 2023. Notably, Revolut is the largest digital bank in Europe and the sixth largest digital bank globally by customer base.

Digital banking adoption has reached remarkable levels across Europe, with the Nordic region leading this transformation in 2024. ******* stood at the forefront, with an extraordinary ***** percent of its population using online banking services. ****** followed closely, with **** percent of its citizens managing their finances digitally, while *************** rounded out the top three at ***** percent. These impressive figures highlight how thoroughly Northern European countries have embraced digital financial services, supported by robust technological infrastructure and a population comfortable with digital solutions. The widespread adoption reflects broader regional trends toward digital innovation and the ongoing shift away from cash transactions, as consumers increasingly prefer the convenience and efficiency of online banking. Digital banks on the rise The emergence of digital banks has marked a significant shift in the banking landscape, with these institutions rapidly gaining momentum worldwide. Some of the largest digital banks in the world now boast over 100 million users, showcasing the widespread adoption of digital banking services. Particularly in Europe, leading digital banks like Revolut have experienced exponential growth in recent years, rapidly expanding their customer bases. The UK-based neobank has been on a trajectory of rapid expansion, reaching ** million users in 2024. Attitude toward digital banks in the U.S. Opinions on digital banks in the U.S. vary widely within the banking industry, with a growing number of bank executives viewing them as a significant threat to traditional banking models. The rapid rise of digital banks has prompted concerns about market disruption and competition, as these agile fintech players offer innovative solutions and attract a sizable customer base. In the U.S., awareness, popularity, and usage of leading neobanking and neobrokerage apps have steadily increased, underscoring the shifting preferences of consumers towards digital financial services. As digital banks continue to gain traction and reshape the industry landscape, traditional financial institutions are facing pressure to adapt and innovate to remain competitive in the evolving market.

The European virtual visa card market is experiencing robust growth, driven by the increasing adoption of digital payment methods and the rising demand for secure and convenient online transactions. The market, valued at approximately €15 billion in 2025 (estimated based on the global market size and regional distribution), is projected to exhibit a Compound Annual Growth Rate (CAGR) of 20% from 2025 to 2033. This expansion is fueled by several key factors. Firstly, the proliferation of e-commerce and online businesses necessitates secure and efficient payment solutions, leading to a surge in virtual card usage. Secondly, the rising adoption of mobile banking and fintech applications further accelerates the market's growth, as these platforms seamlessly integrate virtual card functionalities. Finally, regulatory initiatives promoting digitalization and financial inclusion are also contributing to the market's expansion. The B2B segment, encompassing virtual cards for business expenses and supplier payments, is a major contributor to market revenue, alongside the rapidly growing B2C sector, driven by consumer preference for contactless and secure online payments. Leading players such as Mastercard, Revolut, and others are strategically investing in innovative features and partnerships to enhance market penetration and cater to evolving customer demands. Within Europe, significant variations in market penetration exist across different countries. The UK, Germany, and France, with their established digital economies and high smartphone penetration rates, are currently leading the market. However, growth opportunities are emerging in other European nations as digital infrastructure and financial literacy improve. The market segmentation by product type (B2B, B2C remote payments, B2C point-of-sale) reflects the diverse applications of virtual cards, while the end-user segmentation (consumer, business) highlights the broad appeal across individual and corporate usage. Challenges remain, including cybersecurity concerns and the need for robust consumer protection frameworks. Despite these hurdles, the long-term outlook for the European virtual visa card market remains strongly positive, with continuous innovation and expanding market adoption anticipated throughout the forecast period. Recent developments include: In September 2023, Lloyds Bank launched a new virtual card for its businesses in partnership with Visa. The virtual card payment service will be available to Lloyds customers and is designed for users to control and track spending with the simplification of the payment process. Visa Commercial Pay exists as a virtual payment solution providing the technology to help businesses simplify and streamline their payments in a secure and controlled way., In September 2023, Wallester which operates in virtual card solutions partnered with Transferra which exists as a fintech provider in Europe. The partnership will be expanding Wallester's virtual card business in the European region and make its transactions more secure.. Key drivers for this market are: Rising in Adoption of Digital Payment Method, Increase in Adoption of Virtual Card Payments by E-Commerce Business. Potential restraints include: Rising in Adoption of Digital Payment Method, Increase in Adoption of Virtual Card Payments by E-Commerce Business. Notable trends are: Rising Digital Payment.

Digital banking has taken the financial world by storm, with the United States leading the charge. In 2024, the U.S. boasted an estimated **** million digital banking users, narrowly edging out Brazil's ** million. This digital banking revolution has spread globally, with countries like Russia, the United Kingdom, and India also seeing significant user adoption. The stark contrast between the top two countries and the rest of the world highlights the rapid growth and acceptance of digital banking in certain markets. Pandemic-driven acceleration The COVID-19 pandemic acted as a catalyst for digital banking adoption. In April 2020, ** percent of customers worldwide reported increased use of mobile banking apps compared to the previous year. While only ** percent expected to maintain this higher usage post-pandemic, the trend has clearly shifted towards digital banking solutions. This surge in adoption aligns with the growing number of digital banking users observed across various countries, indicating a lasting change in consumer banking habits. Leading digital banks WeBank, a Chinese digital bank, stands out as the leading digital bank in terms of users, with an impressive *** million customers reported at the end of 2024. Other major players include Rakuten with ***** million customers and Nubank with 100 million users. In Europe, Revolut was the digital bank with the widest customer base, with ** million customers at the end of 2024.

The European virtual visa card market is experiencing robust growth, fueled by the increasing adoption of digital payment solutions and the expansion of e-commerce. The market, a significant segment of the global virtual card market valued at $51.84 billion in 2025 with a 20% CAGR, is projected to experience substantial expansion through 2033. Several factors contribute to this growth. Firstly, the rising popularity of online shopping and digital transactions across all demographics, coupled with the enhanced security and convenience offered by virtual cards, is driving adoption. Secondly, the proliferation of fintech companies offering innovative virtual card solutions, targeting both B2B and B2C segments, fuels competition and innovation. This includes players like Revolut, Klarna, and Bunq catering to consumer needs, while companies like Qonto and Stripe provide solutions for businesses. Finally, the supportive regulatory environment in many European countries is fostering a favorable environment for market expansion. The market is segmented by product type (B2B virtual cards, B2C remote payments virtual cards, B2C point-of-care virtual cards) and end-user (consumer and business use). While precise market share data for Europe within the global figure is unavailable, a reasonable estimate based on the global market size and considering Europe's significant digital economy suggests that Europe holds a substantial share (estimated at 25-30%). The growth trajectory is projected to be influenced by factors like increasing smartphone penetration, improved internet infrastructure, and further development of secure payment gateways. However, potential challenges exist. Concerns regarding data security and fraud remain, requiring robust security measures. Furthermore, regulatory changes across different European countries could impact market growth. Nevertheless, the overall outlook for the European virtual visa card market remains optimistic, with continued expansion anticipated throughout the forecast period. The focus on innovative features such as enhanced security protocols, personalized spending controls, and seamless integration with other financial services will be key differentiators driving further market penetration. Key players will likely focus on strategic partnerships, product diversification, and targeted marketing to consolidate their market share. This report provides a detailed analysis of the dynamic Virtual Visa Card market in Europe, covering the period from 2019 to 2033. With a focus on the estimated year 2025 and a forecast period spanning 2025-2033, this in-depth study explores market size (in millions), key trends, leading players, and future growth prospects within the European Union. The report leverages extensive primary and secondary research to offer actionable insights for businesses operating in or planning to enter this rapidly evolving market. Search terms such as virtual credit card Europe, virtual visa card market, B2B virtual cards Europe, and digital payment solutions Europe are incorporated throughout the report to optimize its visibility in search engine results. Recent developments include: In September 2023, Lloyds Bank launched a new virtual card for its businesses in partnership with Visa. The virtual card payment service will be available to Lloyds customers and is designed for users to control and track spending with the simplification of the payment process. Visa Commercial Pay exists as a virtual payment solution providing the technology to help businesses simplify and streamline their payments in a secure and controlled way., In September 2023, Wallester which operates in virtual card solutions partnered with Transferra which exists as a fintech provider in Europe. The partnership will be expanding Wallester's virtual card business in the European region and make its transactions more secure.. Key drivers for this market are: Rising in Adoption of Digital Payment Method, Increase in Adoption of Virtual Card Payments by E-Commerce Business. Potential restraints include: Rising in Adoption of Digital Payment Method, Increase in Adoption of Virtual Card Payments by E-Commerce Business. Notable trends are: Rising Digital Payment.

As of June 2025, there were a total of 4,752 credit institutions operating in the European Union. Across Europe, approximately 1.8 million individuals were employed by credit institutions, with some bank employees looking after more than 200 customers each. The German banking sector In 2025, Germany had more than twice as many banks operating than any other European country, despite a steady downward trend for years. Germany has 3 main types of banks, which include commercial, savings (or Sparkassen) and cooperative banks. Despite the declining number of banks, the German bank sector's assets increased steadily during the last decade, amounting to over 10 trillion euros in 2024. What is the leading bank in Europe? In 2024, HSBC was the largest bank in Europe, in terms of market capitalization. The British headquartered bank also led the European banking sector in terms of assets and tier 1 capital. The UK giant also ranked first in terms of revenue. When it comes to digital banking, Revolut stands out as the leading player, with its customer base rising sharply in recent years, reaching over 52 million at the end of 2024.

In recent years, alternative payment and money management services have been expanding their customer base and reaching more and more people, challenging the conventional way we pay, save and send money. In 2018, Revolut and TransferWise ranked first among European fintech payment companies by customer base, with ************ customers each.

Transferwise

The London-based Transferwise is an online money transfer service aiding customers to move money globally, track their transfers, and lower fees. In 2020, Transferwise was one of the leading European unicorns with a market value of **** billion U.S. dollars.

Revolut

Revolut, also headquartered in London, is one of the most promising neobanks on the market. The company has two main pillars - to create a single platform that fulfills the financial needs of its customers, and to become global. Currently, Revolut's products are supported across ** countries worldwide. In the year ending December 2018, Revolut saw its revenues grow by more than ** million British pounds compared to the previous year.

FinTech are organizations that incorporate innovative business models and technology to enable, enhance and disrupt the financial services market. The sector introduces both “disrupted” services that reshape and challenge conventional products, such as the digital-only branchless banking, and newly invented services now possible because of technological breakthroughs (i.e. peer-to-peer payments and non-bank money transfers). FinTech adoption rate Consumer adoption of FinTech companies and products has grown rapidly across Europe. In Russia, FinTech adoption is especially high, with 82 percent of the surveyed people using two or more different FinTech services. This is most likely due to foreign sanctions imposed on major Russian banks. In the Netherlands, Ireland and the United Kingdom (UK), almost three quarters of digitally active consumers had adopted some form of FinTech product in 2019. Digital-only branchless banking The London based company Revolut is among the most popular digital-only branchless banking service providers. In 2019, it was in the top five largest venture capital backed FinTech companies in Europe. In the past year, the challenger bank saw its customer base rapidly increase. If the trend continues, the number of Revolut customers is likely to exceed **** million by the end of 2020. This is no surprise taking into consideration that the use of online banking services is widely adopted by UK digitally active population.

The return on equity (ROE) of European banking sectors showed significant disparities in the first quarter of 2025, with Poland leading at **** percent and Belgium trailing at *** percent. This wide range reflects the diverse financial landscapes across the continent, influenced by factors such as market conditions, regulatory environments, and economic stability. While ROE is a crucial indicator of banking efficiency, it's important to consider it alongside other metrics for a comprehensive view of the industry's health. Digital transformation reshaping European banking The banking sector in Europe is undergoing a digital revolution, with online banking penetration reaching impressive levels. In 2024, Denmark lead with a ***** percent penetration rate, closely followed by Norway at **** percent. This shift towards digital banking is not only changing how traditional banks operate but also paving the way for the rise of digital-only banks. Neobanks like Revolut have seen rapid growth, with the UK-based fintech reaching ** million users by November 2024, highlighting the increasing consumer preference for digital financial services. Consolidation and asset growth in European banking Despite the high number of banks operating in Europe, with ***** institutions in the EU as of December 2024, the industry is dominated by a few large players. In 2023, HSBC Holdings lead European banks with total assets exceeding *** trillion U.S. dollars in 2023, followed closely by BNP Paribas SA with over *** trillion U.S. dollars. This concentration of assets among top banks, coupled with the ongoing digital transformation, suggests a trend towards consolidation in the European banking sector, potentially impacting future ROE figures across the continent.

The United Kingdom's banking landscape is diverse, with *** Monetary Financial Institutions operating in the country as of June 2025. Of these, *** were UK-headquartered banks, while the remaining institutions had origins in other European Union countries, developed nations, America, and Japan. This mix of domestic and international banks underscores the UK's position as a global financial hub. In fact, London was the second most attractive global financial center in 2024, outranked only by New York. HSBC dominates the UK banking sector Among the largest banks in the UK, HSBC Holdings stands out as a financial powerhouse. In 2024, HSBC reported the highest annual revenue with over ** billion British pounds, significantly outpacing its closest competitor, Barclays PLC. HSBC's dominance extends beyond revenue, as it also holds the largest market capitalization on the London Stock Exchange, nearly triple that of the second-largest bank, Santander S.A. Furthermore, HSBC leads in risk-weighted assets, with nearly *** billion pounds, indicating its substantial market presence and risk exposure. Digital banks in the UK The UK is also a major hub for digital banking in Europe, with several leading digital banks in Europe headquartered in the country. Revolut, in particular, has emerged as a standout player. Revolut's net profits skyrocketed in 2024, highlighting its strong market position and continued expansion. Wise and Monzo also contribute significantly to the UK's digital banking landscape, offering innovative financial services that cater to a rapidly growing customer base.

Online banking usage in the UK increased steadily between 2007 and 2023. In 2007, around one third of the adult British population used online banking, which increased up to 87 percent in 2023. Banking and financial services are typically among the first industries to embrace technological advances; starting as far back in time as the appearance of automated teller machines (ATMs) and credit cards. Ever since the first secure Internet systems for financial operations became available on a large scale, accessing of one's bank account online to carry out transactions, pay off credit cards, establish credit lines or invest savings became one of the fastest growing areas of Internet activities. Leading online banks in the UK There are several online banks headquartered in the UK, including Revolut, Monzo, Starling, Monese, and Atom Bank. As of 2024, Monzo was the most well-known, popular, and used online bank, followed by Starling and Revolut. Established in 2015, Monzo is one of a growing number of disruptor or challenger banks which run accounts online through mobile apps. Online banking in Europe Across Europe, online banking penetration varied greatly by country in 2024. Nordic countries all had online banking penetration rates of over 90 percent. In stark contrast, Albania and Montenegro had penetration rates lower than 15 percent.

In the fourth quarter of 2024, ****** stood out as the most valuable fintech unicorn worldwide. With a market valuation of ** billion U.S. dollars, ****** far outpaced its closest competitors, including Revolut at ** billion and Chime at ** billion. This Irish payment processing platform's dominance highlights the global nature of fintech innovation, despite the United States and China hosting the majority of the world's largest fintech companies. Global fintech landscape As of January 2025, the Americas region boasted the largest number of fintechs globally, with nearly ****** companies. This represents a significant lead over the EMEA region, which had ****** fintechs, and the Asia Pacific region, with *****. The United States maintained its position as the leading country for fintech unicorns, hosting approximately five times more than the second-ranked United Kingdom. Despite the sector's growth, investment activity has moderated since 2021, signaling a shift towards market consolidation and a focus on profitability over rapid expansion. Digital banking: a core engine of fintech growth Revolut and Nubank have emerged as the world's most valuable digital banks, leading a transformation in how people bank. Revolut's customer growth tells a compelling story - from *** million customers in 2018 to ** million users by 2024, highlighting the massive shift toward digital banking solutions. This expansion mirrors broader industry trends, as the number of digital banks grew significantly between 2014 and 2023, reflecting consumers' increasing preference for digital-first financial services.

Nubank emerged as the leader in gross profit among prominent digital banks in 2023, generating annual gross profits of more than 1.5 billion U.S. dollars. Following behind were two major European neobanks: Wise, which recorded gross profits of 574 billion U.S. dollars, and Revolut, which achieved 545 million U.S. dollars. The year 2023 marked a significant milestone for several digital banks, as Sofi, Dave, Banco Inter, Bunq, MoneyLion, Monzo, Jago, and Wio all reached profitability for the first time since their establishment.

The use of online and mobile banking is expected to increase steadily between 2021 and 2024, with the Asian market being the largest. In 2020, Far East and China accounted for over *** million active online banking users. This figure is predicted to reach nearly * billion by 2024. Although Asia was the largest market for online banking in 2020, the countries with the largest online banking penetration rate were all European. South Korea ranked sixth, with a penetration rate of ** percent. What are the benefits of online banking? Online banking comes with many advantages. On the one hand, it provides customers with an easy and fast way to conduct banking operations, allowing them to avoid visiting banks’ physical branches. Moreover, as more and more customers conduct their banking operations remotely, banks can decrease the number of physical branches and reduce maintenance costs. Over the last ten years, the number of branches of FDIC-insured commercial banks in the United States decreased by more than ******. Among the most demanded features of mobile banking, U.S. mobile banking users perceived the possibility of detecting breaches in one's Social Security number as the most valuable one. Digital-only banks Digital-only banks, also known as challengers or neobanks, are recently-established banks that have no physical branches and provide banking facilities only through digital platforms. These banks leverage their low maintenance costs and streamlined operations to challenge the large incumbents that dominate the banking sector. The market size of digital-only banks worldwide stood at roughly **** billion U.S. dollars in 2021, and it is predicted to soar to **** trillion U.S. dollars by 2030. As of 2021, the Brazilian Nubank ranked first among the most valuable independent digital-only banks worldwide, followed by the U.K.-based Revolut and the San Francisco-headquartered Chime.

In 2024, the UK received the largest amount of venture capital investments in Europe, amounting to approximately ** billion euros. This was nearly double the amount of VC investment recorded in France which followed in third place, attracting roughly ***** billion euros respectively. A relatively stable climate was a contributing factor to the level of venture capital investment generated in the UK. What is venture capital investment? Venture capital is a form of private equity. During a venture capital investment deal, a limited number of investors bought large stakes in a company through a limited partnership deal. Venture capital firms were used to establish these deals. The goal of venture capital investment is to receive high returns in exchange for high-risk investment in a young business. The United Kingdom, Germany, and France have some of the highest numbers of unicorn startups (a company valued at over one billion U.S. dollars) per country in Europe. Revolut and N26 are prime examples of unicorn startups generating funds through venture capital investment. Why is venture investment relevant? Startup businesses experience a high fail rate, venture capitalists take on this large risk allowing the potential for new startups to access the resources required to become profitable. Venture capitalists are professional investors with a diversified portfolio of new companies. While the average venture capital investment deal value in Europe has steadily increased until 2021, the most popular point of investment has remained a later-stage deal. Companies in this stage have developed a product and proved a viable market opportunity, reducing the investment risk for venture capitalists. Without venture capitalists, there is a potential that many successful businesses would not have gained the resources required to grow past the startup stage.