Neobank Revolut growing fast, but losing money 👀

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.