Revolut has more customer complaints than rival UK challenger banks

British digital bank Revolut may have achieved a bigger valuation than its native rivals thanks to a new funding round, but it is also the leader in customers complaints.

The challenger bank received 80% of the 3,100 customer complaints logged with dispute resolution service Resolver in the past 18 months, according to The Telegraph.

Comparatively, 20% of the complaints were about Monzo and less than 1% were regarding Starling Bank.

Most of the complaints were regarding frozen accounts, poor customer services and difficulties  in reaching the bank.

As a case of reference, Revolut has claimed 66.4% of the market as its own, whereas Monzo and Starling bank have 25.2% and 8.3% respectively.

“While our current rate of complaints is very low, proportionate to our customer base of ten million account holders worldwide, we are fully committed to continually improving services,” Revolut spokesperson told The Telegraph.

The news comes hot on the heels of Revolut reportedly achieving a $6bn valuation after having closed a new $500m round.

Copyright © 2020 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.