Revenues swell to over £58m at Revolut, but losses more than double to over £32m
Revolut said it expects revenues to triple this financial year.
Revenues more than quadrupled to £58.2m at Revolut in the year ending December 2018 but losses more than doubled to £32.8m, according to its latest financial figures.
The challenger bank said it expects revenues to triple this financial year, as it looks to up the ante against established banks.
Revolut said growth would be driven by customer growth, new product launches, making more money from existing products, along with market expansion.
Storonsky said: "The leap forward in revenue, and customer numbers, since the beginning of 2019, shows that the reason we started this business continues to be vindicated: to meet the major untapped need to solve the problems so many of us have with money management."
Revolut said more than 800,000 new customers joined the challenger bank in August and September, meaning it now had over seven million customers in Europe and the UK.
Revolut said it now had an average of 3.7m monthly active users and an average 1.1m daily active users.
Storonsky added: "2019 is set to be another year delivering record growth, but our work is not done and we are determined to reach all those who need us. This means maintaining our ambitious growth and expansion plans, which are now fuelled by substantial improvements to our profitability, and the key appointments we’ve been making.”
Storonsky said his ambition is for Revolut to "exceed a $10bn valuation" at some point.
According to the Financial Times, Storonsky, former chief financial officer Peter O'Higgins and chief technology officer Vladyslav Yatsenko sold $25m (£20m) of shares between them in August, soon after the Series D fundraising of $250m (£204m) closed.
According to the FT, Storonsky netted $14.5m (£11.9m) from the share sell-off while Yatsenko's shareholding was worth $8.7m (£7.1m) and O'Higgins $1.8m (£1.47m).
Last month, it was revealed that Revolut plans to launch in as many as 24 new markets and hire 3,500 new staff, helped by its partnership with Visa.