British digital banking scale-up Revolut has shared a bunch of numbers for 2017, which, considering we’re nearing the end of 2018, is more of a footnote in its journey.
Nevertheless, it’s interesting to see the numbers Revolut boasted ahead of raising a whopping $250 million funding round at a $1.7 billion valuation back in April.
At the end of December 2017, Revolut says it had 1.3 million users (up from 450,000 at the beginning of the year), tripling revenue by almost 5x as it grew its user base and rolled out income-generating products over the course of the 12 months (from £2.4 million to £12.8 million). Today, according to a recent NYT article, Revolut boasts more than 2.75 million customers across Europe, and it is adding 7,000 each day.
Like many startups, the company didn’t make a profit as it invested heavily into expansion; to be more specific Revolut says it booked a £14.8 million loss in 2017, as its monthly transaction volume spiked to $1.5 billion at the end of last year. Today, it is processing $3 billion in monthly volumes.
Revolut says it will continue to invest in international expansion, developing its upcoming commission-free stock trading services and improving customer support as its employee count surpasses 500 people.
Interestingly, the London-based company just applied for an e-money license in Luxembourg, just in case the Brexit impact creates legal complications.