Revolut Continues Growth in the Croatian Market, but Localization and Expansion of Operations Remain in Question

Revolut may soon offer Croatian market users even more new features, especially since the growth rate in our market is consistent at 35 percent, but Revolut does not plan any other significant initiatives in the domestic market. Although Lider received information that the global fin-tech platform plans a stronger presence in our market and that they have already engaged partners for this purpose, Revolut has not confirmed such information to us. However, as the company states, they continue to carefully monitor all feedback they receive from clients in that market to understand their needs and demands.

– Currently, our efforts are focused on continuing to develop our product and introducing even more features to the market – they responded from Revolut, which now has 510,000 users in our country.

Revolut currently has over half a million users in Croatia, which means that one in ten Croatians uses this financial application. This number continues to grow, and the company expects that the growth rate of 35 percent, achieved last year, will be maintained this year.

– This is a market where we see great acceptance, and we are proud to be the most downloaded financial application in the market according to Data.ai. One of the verticals that has been most successful recently is investment. During 2024, we noticed a significant interest in investment products, with a user increase for those products of 91 percent – they emphasize at Revolut, stating that they plan to continue developing products that enable users to get the most out of their finances in the context of a globally complex economic environment.

When it comes to regulatory issues and procedures, Revolut did not comment on specific regulatory procedures in Croatia, including any cooperation with the Croatian National Bank (HNB) or other competent authorities regarding the expansion of operations in Croatia. They clearly and unequivocally state that “they do not plan to introduce localized offerings unless they identify specific market needs that could be met.”

– If we identify some specific local products or needs that can facilitate the financial lives of our users, we also consider including them, but at this moment we note that we do not have any special plan for Croatia in that regard – they responded from Revolut.

Regarding partnerships, Revolut currently prefers to independently manage most of its processes and development in most markets, believing that the company itself best understands its mission and vision. However, if they identify an opportunity to collaborate with local banks or payment service providers that could bring additional value to their users, they will consider such opportunities in the future, including in Croatia.

Hrvatski users are increasingly using Revolut

Revolut is committed to providing the best user experience and continues to work on innovations and expanding its offerings to meet the demands of its Croatian users and ensure further growth in this market, the company stated.

In fact, Revolut is registered in Lithuania as a financial institution and has obtained a license to provide services in the EU. However, although the main legal entity of Revolut is registered in Lithuania, the fin-tech has branches and representative offices in many other countries around the world where it has expanded its operations, such as the USA, Australia, Canada, Japan, and other EU countries. This strategy allows Revolut to operate in different countries through local branches or through partnerships with financial institutions, but all their activities within the EU are regulated by a license issued by the Lithuanian authorities.

Additionally, in certain countries, Revolut collaborates with local institutions, such as banks or payment service providers, to provide its services and expand its offerings. For example, Revolut has established a significant presence and partnerships with banks in Spain, allowing them to expand their financial services offerings. The Spanish market shows great interest in Revolut’s services, including investment, trading, and insurance options, contributing to the growth of their user base.

Germany is another key market for Revolut in the EU, and the company has also collaborated with German banks and fintech companies to expand its offerings, especially considering the specifics of the German market, Revolut offers localized products such as investment options and payment services. They also have branches in Poland and the Netherlands, and unofficial sources suggest that there is indeed interest in such an initiative in Croatia, although there is no official confirmation or profitability is still being explored.

Half a million users is undoubtedly a very important milestone for Revolut in Croatia, commented Ignacio Zunzunegui, Head of Growth for Southern Europe at Revolut, recently for Lider.

– Across Europe, Revolut is used by entire households – from <18 accounts, joint accounts, multi-currency payment cards to savings and investment tools. We initially gained popularity due to numerous travel benefits, and today we can see how Croatia is becoming a mature banking market, where three out of four payments with the Revolut card are made in the country. Our goal is to continue building our market presence and offer even more exciting banking and other products – said Zunzunegui.

Croatians are increasingly using Revolut for investments and opportunities to build wealth, such as low-risk investments in money market funds with flexible cash funds and over 4,500 other financial instruments, such as US and European stocks, corporate and government bonds, and ETFs (exchange-traded funds). Revolut Business is also gaining momentum in the market, with the number of monthly active companies increasing by 64 percent compared to last year, and the recently launched fifth generation of this platform is focused on large business clients.