International Finance
Finance

Revolut breaks even as global expansion arrives

Revolut, money transfer app, US, Asia, Australia, Britain, fintech, venture capitalist, Index Ventures, bitcoin, ethereum
There are plans to expand its offerings into the US, Asia and Australia this year, according to Revolut CEO Nikolay Storonsky

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.

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