Home / Articles / Revolut revenue grew by 57% in 2020

Revolut revenue grew by 57% in 2020

Fintech startup Revolut has filed some financial results and is sharing details with the press. In 2020, the company reported $361 million in revenue (£261 million) — that’s a 57% increase compared to 2019 revenue of $229 million (£166 million). Interestingly, those revenue figures have been adjust…

  • Posted on 31st Aug, 2021 08:54 AM
  • 1069 Views
Revolut revenue grew by 57% in 2020 Image

Fintech startup Revolut has filed some financial results and is sharing details with the press. In 2020, the company reported $361 million in revenue (£261 million) — that’s a 57% increase compared to 2019 revenue of $229 million (£166 million).

Interestingly, those revenue figures have been adjusted to include fair value gains on cryptocurrency assets — it means that Revolut holds some crypto assets on its balance sheet. Revolut made $54 million (£39 million) in fair value gains on cryptocurrency assets. Update: Crypto assets were held on the company’s balance sheet until July 27, 2020. Revolut now acts as an agent that facilitates crypto transactions. Revolut no longer holds crypto assets on its balance sheet.

Gross profit reached $170 million (£123 million) last year. At the same time, the company still reports operating losses; Q1 2020 was a particularly bad quarter, with $76 million (£55 million) in adjusted operating loss.

In 2020, total non-adjusted operating loss reached $277 million (£200.6 million). Like many tech companies, administrative expenses are responsible for this loss. With a staff of 2,200 people, the company spent $367 million (£266 million) on administrative costs alone. But things seem to be improving, as you can see:

Image Credits: Revolut

These trends aren’t that surprising, as I reported that fintech startups spent most of 2020 focusing on profitability and improving their margins. At the end of 2020, Revolut had 14.5 million personal customers and 500,000 companies using Revolut Business.

Revolut revenue grew by 57% in 2020 View Story