The crypto-friendly trading app Revolut saw a growth in its revenue and new consumers, in the year 2019, despite that, biggest fintech in Europe experienced the three-time loss, says the report. 

Compare to the year 2018, when the app lost around $43 million, the trading app lost more than $139 million in the year 2019. 
<h2>Revolut Revenue Increases By 180 Percent</h2>
On August 11, CNBC <a href="https://www.cnbc.com/2020/08/11/revolut-2019-results-losses-revenues-triple-in-2019.html" target="_blank" rel="noopener">published</a> a report stating, the founder and CEO at Revolut Nik Storonsky have accepted that although a number of consumers joined the trading app in the year 2019, still the London-based firm experienced a massive loss. 

Storonksy further stated, “We increased daily active customers by 231%, and the number of paying customers grew by 139%.”

In the same year, the revenue generated by the Revolut has also been increased by 180 percent. In the year 2018, the trading app generates total revenue of $76 million which by the next year reached $213 million. 

Storonsky believes that the company’s aggressive investment in global expansion and its new offerings are the reason, Revolut experienced such a huge loss in the year 2019. 
<h2>Revolut Fire Dozens Of Employees</h2>
In October 2019, Revolut announced to expand its business at the global level, and to do so, it collaborated with Visa and other 24 new markets around the world.

The report further mentions that the trading app decided to compete with Hargreaves Lansdown AJ Bell in the UK and Europe stock market, therefore, in August 2019, it introduces a new feature in the app called zero-fee stock trading.

In June 2020, amid the COVID-19 pandemic, dozens of employees have been fired from Revolut. While giving clarification, the trading app stated that it was a cost-saving measure to save the company, which has been facing an economic crisis.

However, according to a CNBC report, the business momentum of the company was nowhere affected by the COVID-19, in fact, during this time, around three million users registered themselves on the app.
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Crypto-Friendly Trading App Revolut Experiences Triple Loss In 2019

Revolut saw a growth in its revenue and new consumers, in the year 2019, despite that, biggest fintech in Europe experienced the three-time loss.

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.

Crypto-Friendly Trading App Revolut Experiences Triple Loss In 2019

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