Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Business

In 12 months, Revolut increased revenue by almost 5x and trebled users in 2017

In 12 months, Revolut increased revenue by almost 5x and trebled users in 2017
  • Revolut increased revenue by almost 5x between 1 Jan and 31 Dec 2017
  • The London-based fintech also tripled user numbers from 450,000 to 1.3 million
  • Monthly transaction volumes jumped from $200 million to $1.5 billion
  • Core focus has been on international expansion, stock trading and customer support

Between January and December 2017, Revolut increased its revenue by almost 5x from £2.4 million to £12.8 million, increased monthly transaction volumes from $200 million to $1.5 billion and trebled their customer base from 450,000 to 1.3 million.

While increasing revenue and reducing costs is an important factor for the company, the key focus for the company is currently on taking Revolut into international markets, expanding its customer support team and pressing ahead with innovative new products, such as commission-free stock trading.

And while the London-based fintech made an overall loss of £14.8m in 2017, they have more than doubled their workforce to over 400 people, began expanding into 10 international markets, applied for a European banking licence and commenced working on their highly anticipated, one of a kind in Europe, commission-free trading platform.

“In reality, we launched all of our money-making products through the course of that year, such as our Premium accounts in April, Business accounts in June and Cryptocurrency trading in December. Therefore I’m really pleased that we were able to increase our revenue by almost 5x and treble our customer numbers in 2017, said Nik Storonsky, Founder& CEO.

“Our growth is driven by putting the customer at the core of everything we do. In addition to offering the best spending analytics and cheapest foreign exchange on the market, our customers have come to trust that we will always innovate and disrupt the financial industry for their benefit, launching new and exciting products that’ll save them time and money.”

And while 2017 was clearly an impressive year for growth at Revolut, the company has shown no signs of slowing down and 2018 looks to be an even more impressive year. Revolut now has close to 3 million users, opening 7,000 new accounts per day, is now processing $3 billion in monthly volumes and has climbed to over 500 employees globally.

“While we’re on track to increase our revenue by almost 5x this year, last month we launched our new Metal card, a subscription model which costs £12.99 per month, with over 20,000 customers instantly upgrading, and more than 60,000 on the waiting list. We’ll also be launching our stock trading product soon, which will also create revenue.

The customer is at the core of everything we do here, one of the key areas of investment this year will be in hiring and training even more customer support agents. While we doubled the number of our support agents last year and made our service twenty-four seven, we’ll look to again double the the size of the team this year, and we’ll be opening a new customer support centre in a new European city by the end of this year.”

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post