Revolut more than doubled its profits to £1bn last year, as Europe’s most valuable start-up surpassed 50mn customers and benefited from a surge in cryptocurrency trading.
In an annual report published on Thursday, Revolut said its pre-tax profits had increased from £438mn a year earlier. Revenues rose to £3.1bn, from £1.8bn.
Revolut’s record profits were underpinned by growth in customer numbers, which boosted its two largest sources of revenue: the fees it makes from card payments, and the interest it earns on deposit. It said it added almost 15mn new customers last year.
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