British Application Tripled LossesEndy Callahan
It’s important to mention that crypto-friendly applications soon find a lot of followers and fans across the globe. They make our lives more convenient and thanks to them our society can perform all the most essential daily operations and save time.
Nevertheless, it is essential to keep track of the latest data and statistics to see how successful and productive such innovations might be. According to the latest mass media reports, Revolut’s losses last year significantly surged over two hundred percent due to rising investment in a number of areas, including international expansion.
As many crypto holders remember, Revolut is a crypto-friendly trading application. This is also one of the greatest fintechs in the EU. Specialists studying data announce that the brand tripled its losses last year even though it experienced growth in revenue as well as newly registered customers.
Crypto professionals remind us that the company basing in London has reported a total loss of over one hundred and six million GBP. The sum is equal to one hundred and thirty-nine USD, up from around thirty-three million GBP two years ago.
The founders of the company emphasized that the huge losses last year appeared regardless of a massive surge in new clients. They managed to increase daily active users by two hundred and thirty-one percent. At the same time, the number of paying participants increased by one hundred and thirty-nine percent.
Promising Plans and Programs
The previous year, as the executives note, the firm faced a steep rise in revenue. Major mass media outlets mention that the brand’s revenues increased one hundred and eighty percent from fifty-eight million GBP two years ago to approximately one hundred and sixty-three million Euros.
Crypto analysts admit that they can see a few reasons for the massive losses. One of them is the aggressive investment required by global expansion. Additionally, there were plenty of new product offerings. The firm was ready to reveal its ambitious programs a year ago.
Back then, the team announced its new partnership with Visa. Their mission was to spread its services worldwide and cover twenty-four new markets. Their list of interest included Japan, Canada, Australia, Russia, and a few other countries. Last August, the brand found it necessary to launch a stock trading feature that did not entail any fees.
Afterward, they planned to offer it to clients in the UK and the EU – their goal was to try and compete with several major brokers. Revolut’s development saw quite a few challenges on the way. Recently, there have been a lot of difficulties and the brand had to fire tens of professionals.
According to the reports, that was a cost-saving measure and a way to survive during the lockdown period that brought a serious crisis to the business. Specialists say that the firm’s business momentum has remained the same due to the fact that the company added more than three million customers this year.
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