Revolut plans major expansion in Hungary as growth surges
Revolut is planning major developments in Hungary as the country becomes its fastest-growing market. The company intends to open local branches and appoint a country manager in the “very near future,” according to Mariia Lukash, Head of Growth for Central and Eastern Europe, in an interview with Portfolio.
Hungary leads in Revolut’s growth
In her interview with the Hungarian business portal, Lukash revealed that Revolut now has 2 million satisfied customers in Hungary—a 33% increase over the past year. “The sky’s the limit,” she said, emphasising the company’s ambition to become the primary bank for more users. However, she noted that Revolut is not aggressively pushing to be the main bank for customers. Instead, they prefer to “date” users through services like currency exchange or splitting bills. The company is unbothered if someone receives their salary elsewhere but transfers part of it to their Revolut account.
She also added that most of Revolut’s growth in Hungary still comes through word-of-mouth, with only one-third of new customers coming from paid marketing.
Profitability and crypto investments
According to Lukash, Revolut has been consistently profitable since 2020, and Hungary stands out as one of the most profitable markets in Central Europe. The company also plans to introduce Revolut loans, although they must first navigate both EU and local bureaucratic hurdles. Still, Hungary may not be the first market where loans are launched, as local consumers tend to focus more on savings than on lending products.
Addressing the suspension of cryptocurrency-related investments in Hungary, Lukash said the company will wait to relaunch those services until it can fully comply with new regulations. Revolut has also not yet obtained the EU’s Markets in Crypto-Assets (MiCA) license, but she confirmed they are progressing as expected. Currently, Revolut holds full banking licenses in 30 countries, covering all types of financial services.
Revolut plans to open a local branch
Lukash also mentioned that Revolut is planning to appoint a country manager and open a local branch in Hungary. However, she didn’t rule out the possibility of passing on transaction fees—imposed by the government—to Hungarian users. As for ATMs, the company would only consider installing them if there is demonstrated demand from customers.
Read also:
- Revolut, Wise may leave Hungary after the Hungarian government’s decision
- Revolut suspends certain services immediately in Hungary: here’s why
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