Money Buzz! Europa

Tag: revolut

  • Romanians working abroad sent home over EUR 316 million by Revolut

    Romanians working abroad sent home over EUR 316 million by Revolut

    The value of remittances to Romania in 2021 reached EUR 316 million, an increase of 79% compared to 2020, as shown by Revolut data.

    At the same time, the number of remittances generated by Revolut customers to Romania increased by 84% in 2021 compared to 2020.

    Even more, the number of customers using the Revolut app to send money to their families increased by 70%.

    In 2021, the average annual value of remittances to the home economy, via Revolut, was 3,258 EUR per Romanian user.

    The profile of Revolut customer remitting money to the family, in 2021

    The Revolut customer remitting money to Romania is 25-34 years old (41% of users), living and working in the United Kingdom (70% of Romanian registered users).

    They have remitted to the family or the loved ones, on average, 495 EUR/ transaction, in 2021.

    The biggest inflow of money through Revolut was generated by Romanian residents in Great Britain (66%) of total volume, followed by the ones in Germany (6%), Netherlands (5%), Ireland (4%), France (3%).

    As for the age breakdown of the users remitting money to Romania, customers aged 25-34 came in the first place (41%), followed by 35-44 y.o (34%), 45-54 y.o. (13%) and 18-24 (9%).

    According to data provided by Eurostat, in 2019 Romania benefited from a money inflow from the diaspora through remittances amounting to EUR 7.3 billion.

    In 2020, total remittances fell to almost EUR 6.7 billion, of which EUR 5 billion from the EU countries.

    Romania is one of the EU Member States for which the contribution of remittances to GDP is important, representing about 3.1% of gross domestic product by 2020.

  • Revolut is the fastest growing technology company in EMEA

    Revolut is the fastest growing technology company in EMEA

    Revolut is the fastest growing technology company in Europe, the Middle East, and Africa, according to the latest Deloitte EMEA Technology Fast 500 competition.

    The ranking also includes the Romanian companies Tremend, Piconet, Trencadis and Qualitance, active in fields such as software and fintech, all of them previously recognized by Deloitte’s competition dedicated to technology players with the fastest revenue growth in Central Europe, Technology Fast 50.

    “We’re delighted to top the ranking. 12 million people now use Revolut to manage and improve their finances, and our growth reinforces the point that people are looking for alternative ways to manage their money,” said Nik Storonsky, Founder and CEO of Revolut.

    The winners of the EMEA Fast 500 edition were selected based on percentage fiscal-year revenue growth from 2015 to 2018, which placed Revolut, the UK-based fintech company founded in 2015, on the leading position, with a 39,754% median revenue growth.

    The competition features winners from 22 countries, with an average growth rate of 1,258% in 2019.

    Among the Romanian companies included in the top, Tremend had a 336% average revenue growth, followed by Piconet (209%), Trencadis (167%) and Qualitance (162%).

    The Deloitte EMEA Technology Fast 500 program automatically includes companies that have been previously recognized by the Deloitte CE Fast 50 ranking, for which applications are now open.

    In order to qualify for Fast 50, companies need to have a minimum €50,000 annual operating revenue in the first three years (2016-2018) and at least €100,000 in 2019, be headquartered in Central Europe and own proprietary intellectual property or proprietary technology.