By Nicolas Darbo, Partner, Accuracy

For a long time, digital banks focused their efforts on acquiring as many customers as possible. Some have been very successful, such as Revolut, which now has more than 50 million customers. But in recent months, a new phase has begun: Revolut is installing ATMs and plans to apply for a licence in France, while Qonto is seeking to become a credit institution. This development poses a real threat to traditional banks.

Qonto prepares to become a credit institution

Revolut continues its rise in Europe with a series of announcements illustrating its ambition to become a more comprehensive bank. After launching ATMs in Spain, the neobank is preparing to offer mortgages, reorganising its teams on the continent and stepping up its investments in France. While moving closer to the services offered by a traditional bank, Revolut maintains an ultra-low-cost model based on technological efficiency and large-scale automation.

For its part, Qonto has shown strong growth since its creation in 2016. With 600,000 customers in eight European markets, the neobank for entrepreneurs and the self-employed is aiming for two million customers by 2030. Already profitable, Qonto has embarked on a path of transformation by applying to become a credit institution. This development will enable it to expand its offering, while remaining focused on simplicity and ease of use.

These trajectories illustrate the growing threat to traditional banks. Now profitable, boosted by rising interest rates and capable of formidable competitiveness in commercial conquest, these players are attacking key segments: young, connected urbanites for Revolut; freelancers and micro-businesses for Qonto. Traditional banks still have many strengths, but they will need to continue their transformation at a rapid pace.

Revolut breaks the mould with its new ATMs

Revolut is breaking the mould by installing its own ATMs. These ATMs allow unlimited withdrawals, account opening and physical card distribution. Going against the grain of traditional banks, the British fintech company is relying on a physical channel to strengthen its presence. This is a way of removing a barrier to the use of its cards while controlling costs. Other European countries will follow suit by 2026, including Italy, Germany and Portugal.

This is a major shift in positioning. Revolut is turning a cost into a strategic lever: above a certain number of withdrawals, it now covers the fees charged by third-party banks. By creating its own ATMs, it is reducing this dependency while strengthening its acquisition capacity. Customers will be able to open an account or receive their card on the spot. This is a new entry point that strengthens its autonomy in the value chain.

This initiative is part of a broader super-app strategy. After investing in mobile telephony and soon mortgage lending, Revolut is seeking to integrate key services from end to end. By combining physical and digital channels, it is consolidating its customer relationships and gaining differentiation. Few fintechs have dared to take this step. This move shows that a physical presence can still play a strategic role in banking distribution.

Revolut adopts Wero

Phase 1 – mission accomplished. With over 55 million users and a presence in every US state and across Europe, Revolut has established itself as the leading next-generation neobank. A seamless interface, low fees, a global offering… but also low unit revenues. Revolut’s growth model is based on conquest and volume effects, but this reaches its limits if the neobank doesn’t move on to the next stage: equipping customers or even becoming their main bank.

This is precisely Revolut’s ambition. After payments and accounts, it’s time for balance sheets, with offers of credit and savings solutions. The neobank is launching mortgage lending in Lithuania, installing ATMs in Spain and becoming a player in Wero for instant European transfers. The aim is to sustainably increase its net banking income per customer. And to capture more revenue, it has to offer more services, including those that anchor customers in a long-term relationship.

For traditional banks, the risk is clear: after losing distant customers, they could soon see active customers, who bring margins and opportunities, leave. Revolut is putting in the resources: €1 billion in investments in France, a European hub in Paris, and a clear omnichannel strategy. The ‘all-digital’ model is evolving, and the shock of banking disintermediation is taking on a new dimension. The game has only just begun.