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Revolut showcases fivefold revenue increase despite 2017 loss

revolut revenue increase money finance fintech challenger banks banking disruptionbanking

revolut revenue increase money finance fintech challenger banks banking disruptionbanking

Revolut: Fivefold revenue increase despite hefty £14.8 million loss in 2017.

Revolut, one of Britain’s fastest growing financial technology companies, announced this week a fivefold increase in revenue, from £2.4 million to £12.8 million, as well as increased monthly transaction volumes from $200 million to $1.5 billion, and customer growth from 450,000 to 1.3 million.

Reports show the company’s year to have been a flurry of activity, with news of doubling its workforce to 400 people, expanding into 10 international markets, and commencing working on a commission-free trading platform.

Nik Storonsky, the company founder & CEO, has vocalised the ambitions fuelling his firm.

“Our growth is driven by putting the customer at the core of everything we do. In addition to offering the best spending analytics and cheapest foreign exchange on the market, our customers have come to trust that we will always innovate and disrupt the financial industry for their benefit, launching new and exciting products that’ll save them time and money.

The customer is at the core of everything we do here, one of the key areas of investment this year will be in hiring and training even more customer support agents. While we doubled the number of our support agents last year and made our service 24/7, we’ll look to again double the size of the team this year, and open a new customer support centre in a new European city.”

In addition to their enviable figures, Revolut plans to keep its 3 million users satisfied by continuously rolling out new and improved features.

“While we’re on track to increase our revenue by almost five times this year, last month we launched our new Metal card, with over 20,000 customers instantly upgrading, and more than 60,000 on the waiting list. We’ll also be launching our stock trading product soon, which will also create revenue.”

Questions are being raised on where the successful business plans to be in the near future. Despite stating intentions to remain in London, it was revealed this week that the company has applied for a banking licence in Luxembourg.

Read more: 

Revolut hits 1 million users in the UK as 9,000 sign up every day

Revolut snubs French President to remain in London

Is Revolut leaving the United Kingdom post-Brexit?

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