Fintech Revolut Becomes First Digital Bank Of The U.K. To Break Even

Fintech Revolut Becomes First Digital Bank Of The U.K. To Break Even

Revolut, the financial tech firm, has turned out to be the first of a fresh type of digital banks to break even on a monthly basis in the U.K after a growing consumer base. This comes after a set of new services assisted it boost incomes in December 2017. Revolut, which has got fame with consumers for easy and cheap foreign exchange and is in the procedure of getting a banking license, has 1.5 Million consumers all over Europe.

Fintech Revolut Becomes First Digital Bank Of The U.K. To Break Even

The company is one of the many digital banks that have increased up in the U.K. in the last couple of years, providing cut-price fees, slick apps, and a marketplace where consumers can shop in search for goods from a series of suppliers. Some have seen important consumer increment since, but all are now making loss. Nikolay Storonsky, founder of Revolut, claimed to the media that the result in December was boosted by sturdy uptake of its products and consumer growth. This trend had continued in this year as well.

“In January we had a much sturdier month and once more we jumped 20–25% on incomes in comparison to December 2017,” he claimed. The closest peers of the firm comprising Starling Bank, Tandem, and Monzo, which all have the U.K. banking licenses, claimed to the media that they had not yet witnessed a month with no losses.

Atom, one more app-only bank that has a different model for business, also claimed that it had not given profit yet. N26, the digital bank of Germany that has branched out all over Europe, refused to reveal data on its numbers. Dissimilar to its competitors, Revolut provides paid-for business and premium accounts, which have proven profitable for the company. It is also the only digital bank in the U.K. to work all over Europe so far.

Categorised as World

By Rita Goldring

Rita Goldring is a reporter for Cambridge Daily Mirror. After graduating from the University Of Toronto, with a master degree in history, Rita got an internship at Global TV Kitchener and worked on profiling local business owners who recently immigrated to Canada from Syria. Rita was also was a columnist for the Huff Post Canada. Rita mostly entertainment and community events.

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