Revolut highlights the ups and downs of fintech
If any brand symbolises the ups and downs of the fintech boom, and the way it is revolutionising the world of banking in particular, it is UK-based unicorn Revolut
This month, in perhaps the ultimate expression of all that is both good and bad about the fintech boom (or bubble), Revout both announced a surge in losses and a major new business drive, complete with a bid to find 3,500 new employees.
In 2018, the fintech start-up doubled its losses, ending the year £32.8m in the red, up from losses of £14.8m in 2017. This, it said, was the result of a huge drive to win more customers. As a result, its revenues leapt by 354% to £58.2m, up from £12.8 a year before.
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