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According to the latest reports, Revolut, a fintech start-up from the United Kingdom has recently gone ahead and shared its performance report for the year 2020. The firm has reported that in the year 2020, it has suffered from losses and it did not see significant growth in terms of revenues.
The company has revealed that it has experienced a rather slow growth than it had expected in the year 2020. The company revealed that it observed a slump in terms of payment volumes, which was the direct cause of the pandemic.
During the pandemic, every business has taken a hit even if it is virtual and digital. Revolut was no different and ended up facing losses in the year 2020 because of the pandemic.
However, the company has revealed that there was one factor that helped and kept the company running and operating. According to Revolut, the company has experienced a significant push from the cryptocurrency sector. With the help of cryptocurrencies, the company observed a big boost.
The company has shared the revenues that it generated in the year 2020. According to the revenue report, Revolut generated £222.1 million in revenues for the year 2020. In the year 2019, the company had generated revenues worth £166 million. This means that in the year 2020, the company experienced a 34% increase in its revenue as compared to the year 2019.
However, the company later revealed its adjusted revenues for the year 2020, which turned out to be £261 million. This means that compared to the year 2019, the company has increased its revenue by 57%.
Despite the great increase in percentage, Revolut has claimed that compared to the year 2019, its growth for the year 2020 was slower. Back in 2019, the company had reported that its revenues had increased three times compared to the revenues generated in 2018.
As per the recent private valuation of the company, it values at $5.5 billion. The company has expressed the intention of valuing at $10 billion by the time the next fundraiser is due.
While the company has talked about slow growth in overall revenues, it has remarked on the high growth experienced for cryptocurrencies. The firm has revealed that the company has experienced significant growth and adoption of cryptocurrencies for its trading features.
As a result of the mass adoption rate in cryptocurrencies, the company has managed to generate £38.7 in revenues from cryptocurrencies alone. The Revolut CFO, Mikko Salovaara has provided clarification stating that due to a change in reporting, they were unable to show the cryptocurrency income in the first place.
The company has reported that it is anticipating that it would see more revenues being generated from cryptocurrencies in the current year. This is because cryptocurrencies such as Bitcoin (BTC) have really started showing their true potential. As the adoption rate grows, so do their trading features’ utility and more revenue is a must.
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