Revolut has grown from a small FX app into a global financial super app with more than 60 million customers, and aims to reach 100 million in the next few years. We sat down with Mariia Lukash, Head of Growth for the CEE region, to learn about the strategy behind this rapid rise, the unique dynamics of Central and Eastern Europe, and why Hungary plays a leading role in their expansion.
From Psychology to Fintech Leadership
Mariia’s journey into fintech leadership is anything but linear. She began her career at OTP Bank in Hungary, gaining firsthand experience in the inner workings of a large traditional financial institution. Later, she shifted to the advertising industry, managing branding strategies for global FMCG heavyweights like Carlsberg, Nestlé, and L’Oréal. The leap into tech came when Google recruited her, where she spent six years working closely with major fintech clients and helping to shape Google products to meet their specific needs.
Yet, as accomplished as her career in marketing and tech was, she longed to work closer to the product itself – where the solutions to real consumer pain points were being created. She had been a Revolut user since 2018, witnessing the product’s constant evolution. That, combined with her belief that finance is a critical part of life yet often made unnecessarily complicated, convinced her to join the team.
“Finance is extremely crucial and important, but unfortunately, traditional banks sometimes make it challenging and complicated. I wanted to be part of a team who is actually trying to solve people’s real problems, and to deliver solutions that don’t yet exist on the market.” – she explains.
Her academic background — a master’s degree in psychology — continues to influence her approach today.
“One of the first things you learn in psychology is that every single person is different. To really understand people, you need to listen and step into their shoes.” – she says.
This mindset is crucial in her current role, managing ten diverse markets in Central and Eastern Europe, each with its own cultural, economic, and regulatory realities.
The Revolut Formula: Data, Product, and Real Problems
When asked about the secret to Revolut’s success, Lukash does not hesitate to point out that it is a combination of rigorous data analysis, a strong product-first mentality, and an unrelenting focus on solving real-life problems.
“We are a very data-driven company, but also extremely product-oriented. Our main goal is not to watch what competitors are doing and copy them. Instead, we focus on identifying genuine problems our customers face and finding the best solutions.” – Mariia says.
The company’s origin story reflects this philosophy. Revolut began simply as a way to help people exchange currencies without paying massive fees, born from the founders’ own frustrations with high commissions and cumbersome processes. From there, the product evolved organically into traditional banking services, and later into areas beyond banking, like travel-related solutions. One example Lukash cites is the launch of eSIMs, which solve a simple but significant problem: staying connected abroad without hassle.
“Money exchange is the first challenge when traveling, but the second is being able to check your Google Maps, upload an Instagram picture, or just stay connected. We wanted to solve both.” – she explains.
This problem-solving ethos is coupled with a careful investment philosophy. Two-thirds of Revolut’s growth comes organically — through word of mouth and referrals from satisfied users — while only one-third comes from paid marketing. “Our customers are enjoying our product, and they’re telling their friends. We’d rather invest in product improvements than in ads.” – Mariia says.
Banks vs. Fintechs: Competition or Cooperation?
The relationship between traditional banks and fintechs is often portrayed as adversarial, but Lukash offers a more pragmatic view.
“Of course, at this stage, some banks see us as competition, but we don’t perceive them as direct competitors.” – she says.
For her, the biggest difference lies in agility. Fintechs like Revolut can adapt quickly to emerging customer needs, while many traditional institutions are slowed down by rigid structures and legacy systems.
Yet, she acknowledges that fintechs still have something to learn from established banks, especially when it comes to heavily regulated, long-term products like mortgages.
“We’re only now launching our first mortgages, even though we’ve been on the market for ten years, because it’s a more complex product. Without it, we can’t offer a full range of traditional banking services, but we want to do it in a way that’s 10x better, faster, and more convenient than traditional banks.” – she notes.
For Lukash, the future will likely bring more areas of overlap and cooperation between banks and fintechs, rather than all-out competition. She sees value in both sides learning from one another to better serve customers.
The CEE Advantage: Local Currencies and Low Neobank Competition
One of the reasons Revolut treats the CEE region as a distinct strategic focus is its unique market characteristics. Lukash points out that currency diversity is a major factor: many countries in the region retain their own currencies rather than using the euro, making foreign exchange services a strong initial hook for new users.
“In Eastern Europe, early adoption and penetration have been higher than in Western Europe because FX is such a strong entry point.” – she explains.
Another advantage is the relatively low level of competition from other digital banks or neobanks compared to Western Europe. While markets like Germany and the UK have challengers such as N26 and Monzo, CEE has no equivalent strong regional players.
“We are the most downloaded financial app in every CEE market where we operate. And in Hungary, for example, it’s been that way for the last three years, consecutively.” – she says.
This dominant position allows Revolut to focus on customer needs rather than reactive moves against rivals.
Hungary: A Strategic Growth Story
Hungary stands out as one of Revolut’s fastest-growing and most strategically important markets. In 2023, the company significantly increased its investment there, launching its first major above-the-line campaigns and hiring a dedicated local marketing manager. These moves were backed by deep market analysis and careful preparation, not blind optimism.
“We weren’t surprised by the results – we had been working towards them – but we were very happy to see them.” – Mariia says.
The results were indeed impressive: Revolut’s Hungarian customer base grew by more than 40% year-on-year, and more than half of all Hungarian users joined within the last year. Adoption of investment products surged after new features were rolled out, with the number of Hungarian users investing through Revolut growing by 97%. Savings products, offering instant access and daily interest, have also proven extremely popular.
Beyond product, Revolut’s growth in Hungary is fueled by cultural engagement, from Formula 1 partnerships to high-profile event sponsorships. Lukash sums up the approach simply:
“The more customers we have, the more they love the product, and the more they tell their friends. It’s a snowball going downhill — and we’re making sure it keeps growing.”
A Local Branch in Hungary: A Milestone for Trust and Growth
One of the most significant developments for Revolut in Hungary is the imminent launch of a local branch, complete with local IBANs for customers. For Lukash, this is far more than a symbolic step — it’s a concrete signal of commitment to the Hungarian market.
“We’re in the process of establishing a local branch here, and it’s a matter of months, not years. Once we migrate and provide local IBANs, it will unlock an even bigger growth opportunity.”
Opening local branches is a complex process, requiring time, legal expertise, and regulatory cooperation. Revolut prioritises markets where the potential is highest and where the groundwork has been laid for rapid scaling. Hungary will follow Romania in the CEE sequence of local branch openings, reflecting its strategic importance.
“I wish we could do it everywhere at once, but legal and regulatory processes take time. Hungary is a high-priority market for us, and this is just the next logical step.” – Lukash explains.
The move also strengthens relationships with local regulators — a non-negotiable for a fully licensed bank operating under the European Central Bank’s supervision. “We comply with all regulations, and we work very closely with national banks and local regulators in every country we operate in. These relationships are crucial for long-term success.”
From Travel Card to Primary Bank
One of the clearest indicators of Revolut’s deepening role in customers’ financial lives is the shift from being a secondary, travel-focused app to becoming a primary banking account. While Mariia cannot share exact figures, she confirms the trend is unmistakable.
“We definitely see people switching from using Revolut as a secondary, travel-only app to using it as their main bank.” – she says.
The data backs this up: more than 75% of transactions made by Hungarian customers now occur domestically, with only a quarter happening abroad. Paid plans, which offer better rates, perks, and exclusive features, are another sign — few people, she notes, pay for premium services in multiple banks, suggesting these customers rely on Revolut as their main financial hub.
“All the numbers — daily active use, product adoption, paid plans — are showing double-digit growth year over year,” she adds. With the arrival of local IBANs, Mariia expects this shift to accelerate even further.
The Sziget Festival Partnership: A Meeting of Global Brands
Revolut’s sponsorship of the Sziget Festival has quickly become one of its most visible activations in Hungary. For Lukash, the partnership is a natural fit:
“Sziget is an iconic festival with more than 450,000 visitors from around the world, and Revolut is a truly global bank. We share the same values — delivering exceptional experiences for our audiences, whether it’s in music and culture or in finance.”
The collaboration has both a consumer-facing and a business-facing side. On the public side, Revolut runs a branded stage, a dedicated bar, VIP zones for Ultra members, and interactive activities where festival-goers can win merchandise, ticket upgrades, and exclusive experiences. On the operational side, all festival merchandising payments are processed through Revolut’s systems, ensuring seamless transactions.
“We want to make sure that every touchpoint, from payments to perks, runs smoothly and adds value to the festival experience.” – Lukash explains.
While there are no immediate plans to replicate Sziget’s scale in other CEE music festivals, Revolut is exploring other large-scale experiences in the region — including airport branding campaigns, sports sponsorships, and tie-ins with major cultural events.
“We want to step into any kind of experience our customers love. Whether that’s music, sports, or travel, we aim to be there.” – she says.
A Taste for Goulash and Old-School Beats
While our conversation focused heavily on strategy and growth, Mariia was happy to share some lighter, more personal impressions from her time in Hungary. She quickly named goulash as her favorite local dish, confessing that she’s enjoyed it even in the summer heat.
“Even with this super hot weather, I’ve already had goulash a couple of times,” she laughs. Pálinka, however, remains a step too far for her — “a little bit too strong” — as she admits she is “still a wine girl.”
When it comes to sweets, she’s sampled Hungarian strudel-style pastries with poppy seeds, cherries, or cottage cheese, but often skips dessert after a hearty main. “Usually I’m so full after schnitzel and potato salad that I have no space for sweets.” she laughs.
At Sziget Festival, she gravitates toward the big-name headliners on the main stage but also enjoys discovering acts on the Revolut stage. This year, the standout moment for her was Nelly Furtado’s set.
“I was absolutely vibing at Nelly Furtado — proper old school,” she recalls with a grin. Whether it’s food or music, her enthusiasm for embracing Hungarian culture mirrors her approach to Revolut’s local growth: fully engaged, curious, and open to new experiences.
Future Product Roadmap: Beyond Banking
Revolut’s ambition is to be more than a bank — it aims to be a financial super app. The product pipeline is already planned for more than two years ahead, with new features and services launching monthly. Lukash can’t reveal the full list but hints at both traditional banking enhancements and entirely new categories.
In Hungary, investment and savings products are already seeing sharp growth. Lukash attributes this to flexibility and accessibility, with savings interest paid daily and investments starting from as little as one euro.
“We’ve seen a 97% increase in Hungarian customers using our investment features since the new tools were launched,” she notes.
This approach applies globally: Revolut started with FX, moved into licensed banking, and now offers a wide portfolio — from under-18 accounts to credit products, mortgages, and lifestyle perks such as airport lounge access and eSIMs. The challenge, Lukash admits, is that not all products are yet available in all markets due to local regulations.
“We want every customer to have access to our full portfolio, but first we must comply with each market’s legal framework. Safety and security come before speed.”
AI, Security, and Customer Trust
In an era of increasingly sophisticated fraud, Revolut has made security a top priority. Lukash describes it as one of the company’s “big pillars,” with the fraud prevention team outnumbering the marketing team. “We were one of the pioneers in using AI for fraud detection,” she says.
One recent innovation is in-app calling for customer support, designed to protect users from phone-based scams. “You never need to call a random number or give your details over the phone – it all happens in-app, securely,” she explains. The same philosophy applies to all product features: innovations must not only be convenient but also actively reduce risk.
Revolut’s AI use extends beyond security into internal operations, customer service, and even creative processes. Lukash sees it as essential to staying ahead:
“If you want to be a market leader, you have to keep up with innovation. We test every major AI tool the moment it’s available. The goal is to be faster, more agile, and more effective in serving customers.”
Fintech Trends and the Road Ahead
Looking at the broader fintech landscape, Mariia points to a few key trends. Crypto remains cyclical, with adoption surging during bull markets and dropping sharply in bear markets, but Revolut’s regulated environment offers a safer entry point for newcomers. ETFs and investment products are gaining momentum, while loan and credit product adoption is more uneven.
She also identifies financial literacy as a major challenge for the industry. “Unfortunately, advanced financial products aren’t always accompanied by the educational tools people need to use them responsibly,” she says. Revolut is trying to address this with tiered under-18 accounts, giving older children access to more features as they learn.
“It’s about slowly building financial skills so that by the time they’re 18, they’re ready to manage a bank account.”
As for traditional banks, Lukash issues a clear warning: “If they don’t learn to move faster, they will suffer. The world is globalised, change is constant, and agility is everything.”
Dreaming Big, Staying Local
Whether discussing new markets, major sponsorships, or emerging technologies, Lukash keeps returning to the balance between global ambition and local relevance. For Revolut, success in the CEE region is not just about expansion — it’s about embedding itself in the daily lives of its users.
“We want people to see that we’re not just a digital platform that might disappear. We’re here to stay. You’re going to be stuck with us — and for your own good.” – she says with a smile.
From the upcoming Hungarian branch and new IBANs to the next season of Sziget, the message is clear: Revolut’s growth in CEE is only getting started, and the team is planning far beyond the next quarter. “The sky is the limit. One hundred million customers is not the end — it’s just the beginning.”
(Cover photo: Revolut)
