Neobank Revolut growing fast, but losing money 👀

Filter Coffee ☕

Jun 23, 2021

1 min read

Revolut, one of the strongest horses in the global neobank wars, offered rare color into its 2020 performance.

Quick look at the numbers:

  • Made $361 million in revenues in 2020, up 57% YoY
  • Of that, $54 million comes from crypto asset appreciation
  • Lost about $125 million on the year, a buzzkilling 2x jump
  • 15 million retail users, with 0.5 million business banking customers

Given 2020 was a foundational year for digital financial services, markets would’ve loved to see a semblance of profitability, but Revolut attributes most of its losses to a last minute entry into crypto dealing. Here’s a thorough dive from Techcrunch for the fintech nerds.

Unimpressed Dance Moms GIF by Lifetime Telly
GIPHY

Get Filter Coffee ☕ straight to your inbox

No spam. No BS.
You might also like...
India

Nykaa is getting ready for an IPO 🚀

Online beauty retailer Nykaa is ready to file its docs with SEBI in the next few days — getting one of the most anticipated listings of the year 1 step close to reality. Nykaa will raise ~$400 million at a $4 billion valuation, says Moneycontrol, with early backers TPG and Fidelity likely to hit the door. Founder Falguni Nayar and family will continu

Filter Coffee ☕

1 min read
India

Indigo airlines losses are spiking 😶

Indigo airlines lost more than ₹3,000 crores during the last 3 months, with travel freezing and no signs of rebound in sight. This’d be the 6th straight quarter of losses for the business, with revenues down 56% from the quarter before . Without explicit doles or rescue offers from the government, things aren’t looking too bright for the entire sector! Meanwhile, optimist

Filter Coffee ☕

1 min read
Business

Spotify's growth is slowing a bit and Wall Street is worried 😬

It’s tech earnings time — and Spotify closed the second quarter with 165 million paid subscribers — a tad lower than the markets were expecting. Stock was promptly hammered down nearly 8% in New York. Quick look: * Revenue of €2.33B, up 23% YoY * Has 365M monthly active users Spotify’s advertising revenues grew by nearly 110% — thank to those annoying ads that may be put there by Satan himself. If you’re a sh

Filter Coffee ☕

1 min read