Revolut losses widen as revenue and customer base grow.

British fintech Revolut reported its financial results for 2020.

According to the document, as of 31 December 2020 pre-tax profit by main activities stood at £207.9m ($289m) versus £107.7m ($149.7m) in 2019.

Overall loss for the 12 months was £167.8m ($233.3m). In the prior year the figure reached £106.5m (almost $140m at that time).

Adjusted revenue (including cryptocurrency profits) rose by 57% from £162.7m to £261m ($361.8m).

A source close to the company suggested that trading of digital assets accounted for at least 15% of Revolut’s total revenue.

User base grew from 10 million to 14.5 million, and the number of business customers rose by 127%.

According to Revolut, in the first quarter of 2021 revenue rose by more than 130%. The number of users is now over 15.5 million.

Earlier Sky News reported that Revolut plans to conduct a new round of funding at a valuation of up to $10-15 billion. According to the latest data from Bloomberg, it could rise to $20 billion.

In April 2021, the online bank doubled its list of digital assets, in June launched Dogecoin trading and nine DeFi tokens.

The fintech company also added the option to withdraw bitcoin to external wallets.

Revolut Ltd Annual Report YE 2020 by ForkLog on Scribd

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