Britain’s flourishing fintech Revolut hit a break-even point for the first time in December. This is a rare phenomena for such a niche sector.
Being a fast-growing money transfer app provider, the company offers seamless money transfer between two parties. Revolut has refused to disclose numbers on its revenues or losses due to various reasons.
However, a CNBC report reads “its monthly transaction volume surged to $1.5 billion, an increase of over 700 percent in the last 12 months.” Revolut is valued at US$421.64bn and has 1.5mn accounts on estimate, according to The Telegraph.
The company has expanded its offerings into insurance and loans, and is reported to plan a further expansion into banking services. Last year, the company raised funds worth US$70.27mn from several investors including an international venture capital firm Index Ventures. The Revolut app encouraged its users to invest in cryptocurrencies such as Bitcoin and ethereum, which attracted a lot of interest, the company CEO Nikolay Storonsky said.
The company charges US$6.99 a month. Users can tap into its unlimited money transfer offering, and in some cases, interchange fees.