Europe’s biggest neobank wants to take over the world
But can Revolut make money once the crypto mania ebbs?
THE PANDEMIC could have been terminal for Revolut, a firm set up in 2015 to help travellers avoid hefty foreign-exchange fees. Instead its latest annual results, released on June 21st, suggest the London-based digital bank is thriving. Despite slashing its marketing budget, it gained 4.5m customers in 2020, bringing the total to 14.5m. Its revenues grew by 57% to £261m ($362m); it was profitable in the last two months of 2020. A $580m fundraising round, completed in July, made it one of Europe’s most valuable private fintechs, worth $5.5bn.
This article appeared in the Finance & economics section of the print edition under the headline “Just dough it”
Finance & economics June 26th 2021
- The international role of the euro
- Global markets adapt to a change in the Federal Reserve’s tone
- Three corporate giants are posing a stiff test for Chinese banks
- A new phase in the financial cycle
- An anniversary for free traders
- Europe’s biggest neobank wants to take over the world
- Economics needs to evolve
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