Revolut is “still onboarding 3m new users a month”, Seb Johnson, who writes a newsletter on UK and European tech, posted on X on Monday, ahead of a Cheeky Pint podcast episode with Revolut chief executive Nik Storonsky. Revolut’s own published milestones point to a slower pace: the company announced 75 million retail customers on 27 May and over 80 million on 24 August.
That is about 5 million customers in 89 days, or roughly 1.7 million a month, by our arithmetic. Because Revolut said “over 80 million”, the true figure for that period may be slightly higher.
Business Pill · Distribution Advantage
An evergreen Business Engineer explainer on distribution advantage: how reaching customers can matter as much as the product. It explains the general idea only and does not discuss Revolut.
The key insight: Revolut announced 75 million retail customers on 27 May and over 80 million on 24 August, which works out to about 1.7 million a month by our arithmetic. An X post on Monday put the rate at 3 million a month; Revolut’s stated target is 100 million customers by mid-2027.
Revolut’s 27 May post read “75 million retail customers” and set the “Next milestone: 100 million customers by mid-2027”. Its 24 August post said: “Just three months ago, we hit 75 million customers. Today, over 80 million people in 40 countries manage their money with Revolut”.
Its 4 November release on a fundraising process that set a $115 billion valuation still describes Revolut as having “over 80 million retail customers”. The same release says 2025 revenue grew 46% to $6.0 billion and pre-tax profit rose 57% to $2.3 billion, a 38% pre-tax margin.
Monthly customer growth implied by Revolut’s published milestones (75 million on 27 May, over 80 million on 24 August) against the 3 million a month claimed in an X post on 9 November. The 1.7 million figure is our arithmetic.
What Was Posted on X
Revolut is still onboarding 3m new users a month.
Just hit 80m so should be at 100m by April next year.
Also interesting that Nik is a doing a podcast circuit. There is normally a VERY good reason why typically media-shy CEOs do a tour like this
Seb Johnson, who writes a newsletter on UK and European tech, posted on 9 November that Revolut is still onboarding 3 million new users a month and should reach 100 million by April. Those figures are Johnson’s and are not attributed to Revolut in the post; this piece compares them with Revolut’s own published milestones.
The 100 Million Arithmetic
Johnson wrote that Revolut “Just hit 80m so should be at 100m by April next year”. That date is Johnson’s own arithmetic. Revolut’s stated target is 100 million customers by mid-2027.
By our arithmetic, adding the remaining 20 million at the May-to-August rate of about 1.7 million a month takes roughly 12 months; at 3 million a month it takes under seven. Johnson’s post speaks of new users, while Revolut’s milestones count retail customers, and the two measures may not match.
As we read the figures, the gap between 1.7 million and 3 million a month is the difference between Revolut reaching 100 million in roughly a year from August, by our arithmetic, and the April date Johnson gives.
Revolut on LinkedIn, 24 August 2026
“Just three months ago, we hit 75 million customers. Today, over 80 million people in 40 countries manage their money with Revolut”
Three Implications
FOR THE 100 MILLION TARGET Revolut has said 100 million customers by mid-2027 in both its May and August posts.
FOR THE VALUATION Revolut’s 4 November release set a $115 billion valuation and reported 2025 revenue of $6.0 billion, up 46%.
FOR THE PODCAST Johnson’s post quotes an announcement of a Cheeky Pint episode with Nik Storonsky on Tuesday; Revolut has not published a monthly rate in the posts and release we read.
What Is Not Established
The posts and release we read give no monthly onboarding rate and no customer count after 24 August beyond “over 80 million”. Johnson’s 3 million figure is not attributed to Revolut in the post, and we could not match it to a Revolut publication. The Cheeky Pint episode had not aired when this piece was written.
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Revolut’s own milestones put its May-to-August growth at about 1.7 million customers a month, by our arithmetic, against the 3 million a month claimed on X. Its published target remains 100 million customers by mid-2027.
A note on sourcing. Customer milestones come from Revolut’s own LinkedIn posts of 27 May and 24 August 2026 and its 4 November press release; financial figures from that release. The 3 million a month and the April date come from Seb Johnson’s X post and are not confirmed by Revolut. The 1.7 million a month and the time-to-100-million figures are our arithmetic.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
