Revolut Ltd. users are increasingly checking budgeting tools on the app and looking to rein in some spending and save more, the latest sign of inflation hitting consumer confidence.
(Bloomberg) — Revolut Ltd.
users are increasingly checking budgeting tools on the app and looking to rein in some spending and save more, the latest sign of inflation hitting consumer confidence.
There was a 15% increase in the number of customers checking the budgeting tools in the first half of this year, according to Revolut.
The app’s ‘savings vault,’ which enables customers to set aside separate saving pots, has seen July UK usage increase 150% year-on-year.
A feature that recommends spending limits to customers is also proving popular, according to Ankit Khemka, Revolut’s global general manager.
“We’ll send notifications to customers when they’re nearing their limit, and they can get a clear view of their spending with a breakdown by merchants, categories, countries, and more,” he said.
Inflation is clearly adding to costs and users are cutting back where they can, he said, citing the firm’s July card spend data in the UK that showed grocery spending dropping by 8% per consumer year on year.
Still, demand for travel remains with outlay on hotels and resorts up 86%
The London-headquartered fintech now has 5 million UK customers, putting it among the country’s most popular finance apps.
Revolut generates about a quarter of its revenue in Britain, although it is still waiting for a full banking license, which means it operates as an e-money institution.
Read More: Revolut’s Frustrated Billionaire Is Forced to Wait in Line
Despite its growing heft, the fintech firm is still positioning itself as an upstart.
A new marketing campaign emphasizes how its various services will allow “any money underdog” to access and easily manage a range of financial services, including insurance and crypto investments.
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