But the company says it was the year in which all of its money-making products were launched.
Digital banking upstart Revolut lost more money in 2017 – the year in which it first claimed to have broken even. The company announced earlier this year that it had broken even for the first time in December 2017.
Between January and December 2017, Revolut grew revenues by five times from £2.4m to £12.8m. Its transaction volumes grew from $200m to $1.5bn, while customer numbers trebled from 450,000 to 1.3m. At the same time its losses more than doubled, from around £7m in 2016 to £14.8m.
We now know that Revolut is closing in on 3m customers globally. Meanwhile its cash-making products are beginning to kick in.
The firm’s founder and CEO Nik Storonsky said of the results: “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.”
The company now has new cash-generating products lining its shelves, including its recently launched Metal card, which was launched to much fanfare, and which costs £12.99 a month.
During the period covered by the results, Revolut doubled its workforce to over 400 people, began its expansion into 10 international markets and applied for a European banking licence in Lithuania. It intends to have launched in certain key markets, such as the US and Australasia, by the end of this year.
In the short-term, Revolut will be focusing getting its commission-free stock-trading app launched, providing another revenue stream. The firm has also earmarked customer service as a top priority.
“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 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,” said Storonsky.
A report in the Financial Times over the weekend suggests this new centre is in Luxembourg, where the firm is applying for an e-money licence.
Revolut recently revealed that it had been approached a number of times by a French government body about setting up an entity in France – an approach the firm rebuffed.