Revolut has over 550,000 customers in Norway, up from 70,000 in 2018. Country manager Andreas Møland-Talseth showcased a product ecosystem far beyond traditional banking – something he says explains the company's many young users.
Photo: Revolut shows the growth in customer numbers in Norway, presented by country manager Andreas Møland-Talseth at Finans Norge's payments and digitalisation conference.
Revolut first tried Norway back in 2018, but pulled out after gathering around 70,000 customers. Now the company is back for good. Andreas Møland-Talseth, Revolut's country manager for Norway – and a former Vipps employee – gave a status update at Finans Norge's payments and digitalisation conference.
When Revolut first tried Norway, the company had 2,500 customers. By the time it pulled out, the number was around 70,000. Today the official customer count is over 550,000 – and Møland-Talseth says the real figure is even higher, though he can't disclose it publicly.
During the Q&A, it also emerged that half of users are already active on Revolut, while the rest mainly use the app when travelling abroad – and that Revolut plans to open a branch in Norway.
Revolut originally built its business on an e-money licence, but is now securing its own banking licences in several markets – including France, Mexico and the UK, while a US licence is in the works and one in New Zealand was just announced. The company is also opening more branches across Europe under its Lithuanian banking licence, in an effort to become a primary bank in more countries – not just an app for cheap currency exchange.
Revolut is also expanding far beyond traditional banking. The company will open its own lounge for users at Copenhagen Airport, and has recently launched a stablecoin in Denmark. It's also rolling out Revolut Store, Apple Store-style physical shops where customers can try products, and Global Hire, a platform for international hiring. The company has also launched its own AI assistant called Air. Møland-Talseth believes this ecosystem – travel, investing and lifestyle products – is a key reason young users in particular choose Revolut.
Revolut still lacks core Norwegian banking functions: the company has no Norwegian IBAN, and customers can neither receive salary nor pay bills directly through the app. But Møland-Talseth believes that question changes once AI agents enter the picture. He challenged Norwegian banks directly: should they keep earning money from loans and simply plug into others' AI agents via services like OpenAI, or should they themselves fight to be the place where the agents are actually managed?
Sources: Revolut
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