Revolut has announced the economic results for 2018 and the highlights for 2019.
Last year, in fact, the company recorded an increase in revenues of 354%, bringing sales to 58.2 million pounds (71 million dollars), compared to 12.8 million in 2017, and an increase in Premium users of 157%.
During this growth phase, the income statement was still a loss of £32.8 million, net of taxes, due to continued investment in the development of new products and services, such as the Metal service.
The main direct business costs are cards, acquiring costs and the acquisition of new users.
Highlights for the year 2019
Revenues are expected to triple further in 2019, which could therefore well exceed £150 million, which is close to $200 million.
No profit forecasts have been made, but the gross margin in the second half of 2019 is expected to grow to 40-50%, compared to less than 10% in the second half of last year.
In this regard, the company points out that during the year cost efficiencies were achieved thanks to a substantial increase in the user base and transaction volumes.
To date, the user base has grown to over 7 million people, with an increase of over 800,000 units recorded both in August and September. These are already almost doubled compared to last year, while compared to 2017 they have increased almost seven times.
Of these, 3.7 million are active on average at least once a month, while 1.1 million are active on average every day.
Moreover, since its launch in 2015, the total volume of transactions recorded on the Revolut platform has now exceeded 85 billion dollars.
Thanks to these numbers, the Sunday Times Tech Track 100 has identified Revolut as the fastest-growing private tech company in the UK.
Nik Storonsky, CEO of Revolut, said:
“The end of 2018 feels like a long time ago, but these figures are an important stepping stone in our sustained growth as a business. The leap forward in revenue, and customer numbers, since the beginning of 2019, shows that the reason we started this business continues to be vindicated: to meet major untapped need to solve the problems so many of us have with money management. We are very proud of the uptake so far and it’s great to see so many of our customers using us for their everyday banking needs.
2019 is set to be another year delivering record growth, but our work is not done and we are determined to reach all those who need us. This means maintaining our ambitious growth and expansion plans, which are now fuelled by substantial improvements to our profitability, and the key appointments we’ve been making”.