Revolut has published its FY 2020 financials, with a mixed bag of results that have seen the company continue to grow revenue – albeit at a slower rate than previous years – while its losses continue to increase.

Some of the key cross-border takeaways:

• The company’s foreign exchange and wealth business line saw the best growth in the business, with a 150% year-on-year increase in revenue. It now accounts for 31% of Revolut’s total revenue. 
• However, the company’s international payment volumes were particularly badly hit by the pandemic, declining two-thirds compared to pre-Covid-19 levels. This saw the blended interchange rate drop by 40%. The company anticipates this will bounce back once pandemic restrictions are fully lifted, especially in travel.
• Revolut saw strong growth in cross-border ecommerce, as well as its crypto business which is now a key driver for the company.
• While Revolut saw a 45% increase in retail customers, its business customer numbers grew by 127%. It also added a number of cross-border products to its business line, including instant European payments and international transfers.

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Lucy Ingham

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Lucy is Head of Content & Editor-in-Chief at FXC Intelligence, overseeing all content and taking deep dives into the trends and data driving changes in payments. Before joining FXC Intelligence, Lucy worked as a technology journalist and editor, interviewing CEOs and major names across enterprise technology, including fintech. She has an MSc in Development Anthropology from Durham University.