Revolut, in its recently released annual report for 2020, revealed that its adjusted revenues were up 57 percent, a press release says.
The boost comes from the previous number of £166 million in 2019.
Revolut’s services include a financial platform that provides the functionality of a regular bank while skipping some factors like the fees traditional banks implement. The company launched in 2015 and has raised almost $1 billion in investments since then. In addition, the company was valued at $5.5 billion as of earlier this year.
The release says Revolut’s new updates include more mobile functionality, along with nine more products, which work on things like accepting online card payments directly to one’s account. There will also be more debit cards, instant European payments, international transfers and more.
Personal customers were up 45 percent, going from 10 million to 14.5 million by the end of last year.
Gross profit was up from 215 percent, going to £123 million, and gross margins were up to 49 percent this past year. There were also Q-on-Q improvements that went to 61 percent in the fourth quarter.
In Q1 2021, revenues were also up over 130 percent since last year. Gross profit, in turn, had grown by more than 300 percent.
Retail users had reached over 15.5 million. And the press release notes that the subscribers to paid metal and premium plans were up 51 percent and had grown past overall consumer growth. And business account customers were increasing 127 percent, now hitting a new number of 500,000.
“As the extraordinary circumstances of 2020 drove the trend towards digital financial management we continued to innovate for customers to make their financial lives easier and accelerate daily use,” Nikolay Storonsky, Revolut founder & CEO, said. “We launched 24 new retail and business products, expanded into the US, Japan and Australia and launched banking services in Lithuania, all while significantly improving our profitability. We began 2021 with a more resilient and productive business that will enhance our trajectory towards rapid growth.”
Revolut recently boosted its service in the U.S. to encompass all 50 states. PYMNTS states that the company submitted for a bank license in March, writing that it had also expanded its Revolut Business product for the entire country.