Revolut has announced £123mn gross profits marking a threefold increase throughout 2020.
In Brief:
Its customer base grew by 45% last year.
Adjusted revenues rose by 57%.
Revolut is currently looking at expansion into Japan and Australia as well as offering more products in Ireland.
What does this mean?
According to CityAM, one of Revolut’s plans is to launch loans and credit cards in Ireland later this year. A key problem for challenger banks is they have begun with fee-free products and don’t have the same traditional revenue streams as banks – but offering lending products changes this.
With Irish consumers set to lose an option for lending as Ulster Bank pulls out of the country, these offerings from Revolut – which has gained ground quickly in the country – could prove popular.
