Revolut has seen significant growth in Malta, with the number of Maltese businesses using the platform increasing fivefold in the past year and retail customers tripling since January, Times of Malta reported.
The fintech company reported that by July, business accounts had surged by over 170%, growing faster than in other Southern European countries.
According to a ToM report, by early September, monthly business-to-business transactions in Malta through Revolut reached a record €296 million, more than double the €142 million in Greece and matching figures in Portugal, despite Malta’s smaller population.
Maltese businesses transferred nearly half the amount of those in larger economies such as the Netherlands (€660 million) and close to a third of France’s (€860 million).
Experts suggest that businesses are drawn to Revolut for its convenient payment methods, such as transactions via phone number or QR code.
While Revolut’s growth is impressive, local banking experts believe that businesses are unlikely to abandon traditional banks completely, instead opting to use Revolut for specific services alongside their existing accounts. Globally, Revolut now serves 45 million customers across 38 countries.
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