Revolut, the well-known fintech payments company looking to challenge traditional banking has reported that 2018 was a rather good year for the company which saw nearly a billion Pounds ($1.22 billion) deposited into it.
On top of that, its decision to branch out and offer cryptocurrency services also added a nice little top-up as there was also £37 million-worth ($45 million) of cryptocurrency investments made by customers. This even through the tough bear market of 2018 where interest in crypto cooled off significantly.
In general, it was a good year for the financial start up as it even improved upon its previous year’s deposits. Cash and crypto assets held with Revolut rocketed by over 350% compared with 2017.
“The end of 2018 feels like a long time ago, but these figures are an important stepping stone in our sustained growth as a business,” CEO and founder Storonsky said in a statement.
“The leap forward in revenue, and customer numbers, since the beginning of 2019, shows that the reason we started this business continues to be vindicated: to meet major untapped need to solve the problems so many of us have with money management. We are very proud of the uptake so far and it’s great to see so many of our customers using us for their everyday banking needs.”
It is, of course, pleasing to see a financial institution not only benefiting from backing cryptocurrency, but also championing its growth and adoption. Many feel that the way forward for cryptocurrency is for it to be readily available and as easy to use as fiat – which these types of banks and apps are trying to achieve.
The company began as a multi-currency card linked to an app but has quickly expanded into everything from travel insurance to cryptocurrency and stock trading. Revolut has raised over $300m to date and was valued at $1.7bn in fundraising last year.
It could even be argued that the likes of Revolut, as well as Circle, Square, and Skrill, are also starting to drive the use and adoption of cryptocurrency in today’s world. Figures put up from Revolut may still be small, but relatively, it is a big figure to see from an institutional-focused banking app.