Revolut is planning more and more serious steps in Hungary

By: Trademagazin Date: 2024. 08. 28. 11:05

The fintech company Revolut, which defines itself as a technology company, has made significant progress in Hungary. The company that offers mobile phone and card financial operations recently reached 1.5 million Hungarian customers and continues to grow dynamically. According to Tamás Léder, Revolut’s domestic manager, the customer base has expanded by 53% in one year, and an average of 18,000 new users download the application every week, and the number of transactions is close to 25 million per month.

Antoine le Nel, Revolut’s growth and marketing director, said that the company’s goal is to reach 2 million Hungarian customers, and they want to address 15 million customers in the region. To achieve these goals, the company is also considering opening a branch in Hungary. This step could bring serious changes in the field of services, as Revolut would also provide Hungarian customer service and complaint handling, as well as the opportunity for Hungarian customers to have a domestic bank account number.

The opening of the branch office would be particularly important because it would allow Revolut to better adapt to Hungarian financial regulations, such as the instant payment system or QR code payments. At the same time, closer control in Hungary may also present new challenges, as local regulators impose strict requirements on financial service providers, and Revolut must also face duties and taxes that have not affected it so far.

The presence of Revolut has significantly revitalized the Hungarian financial market in recent years, and domestic banks have also introduced many innovations as a result. For example, almost all major Hungarian banks now offer account management that is free or free with income conditions, so they try to keep up with Revolut’s pricing policy. At the same time, one of the advantages of Revolut is that it does not pass on the financial transaction fee to customers, and it also charges more favorable fees for using a bank card.