Revolut losses triple - 2020 Annual report

UK fintech remains confident about outlook and says it is on track to break even this year

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well its not Monzo losses , so its OK … to be blown away by how good it is …to triple your losses :slight_smile:

Meanwhile, despite Revolut having diversified its revenue streams, over 60% of its income still comes from interchange fees: the 0.2% cut its takes from customers using their debit card. This is likely to leave revenues for the year ahead impacted by the lockdown.

Revolut are riding waves from strength to strength while monzo seems to be completely wobbling on its last legs. monzo blame covid for their potential failure. I don’t see Revolut, Starling, Chime bank, N26, Nubank or Tide trying to make up excuses. I see them executing their business plan

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Ive flagged you again - Im sick of you attacking my nephew, with your libellous comments, taking every opportunity to try and run somebody down doesnt make you look good - Im still waiting for any proof you have of your previous assertions concerning him as well - but I know you won’t have any , but rather than retracting them as the better person or providing your proof to back up the lies you continue the unfounded statements :man_shrugging:

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Monzo losses nearly double:

Revolut losses nearly triple:

Lmao. Go away, troll.

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I commend your positivity, having such a confident outlook on things is rare these days.

Just a couple of points that I saw in the article that maybe you missed.

  1. Triples losses

Popular London fintech Revolut recorded post-tax losses of £107.4m last year, despite strong growth in customer numbers and revenues.

The five-year-old company more than tripled its losses from 2018, which stood at £32.8m, according to the company’s annual report for 2019.

  1. Misses target

That falls just shy of predictions it would triple yearly revenues in 2019[, targeting £180m in sales.]

  1. Smells like redundancy

His statement today also said he was focused on “reducing our operational costs” for the year ahead.

  1. Poor US numbers

not least because it’s still unclear if growth into areas like the US will pay off, with downloads there looking slow.

  1. Losing staff. Can’t attract staff.

The company has also struggled with a fast turnover of executives. It is currently appointing the chairman of its UK bank division to boost its application prospects, and is yet to fill its chief operating officer post.

  1. Not being very honest about the future

Revolut made only fleeting mention to the impacts of coronavirus in the report.

  1. Trouble ahead?

over 60% of its income still comes from interchange fees: the 0.2% cut its takes from customers using their debit card. This is likely to leave revenues for the year ahead impacted by the lockdown.

Maybe my glass is just half empty. Easy for you to have missed those points though if you’re just skimming.

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They made an excuse to leave the UK market :man_shrugging: .

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162.3m out of 162.7m in revenue coming from the UK when Revolut are active in many, many countries is indicative of one of two things:

  1. Their business model outside of the UK sucks
  2. ‘Creative Accounting’ reporting earnings where they’re most beneficial, not where they’re actually made

Knowing the kind of shady stuff Revolut has already been caught doing, I’d bet on 2.

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@equalityforall - I’m not sure why you’re so upset and hung up about Monzo.

You can be happy for a company you clearly like - Revolut, without trying to attack others. Trying this hard is just showing how incredibly biased you are, and makes your opinion seem unreliable.

I’m going to pick away at a few of your comments, as they’re incredibly exaggerated or false.

This is false. Monzo have not said a single word about that they may not survive. Especially a date. Do you have a source?

In fact, on their last report, they specifically said there is no cash flow concerns for at least the next 12 months. Which is all they need to write about in their annual report.

The FCA has also had squabbles with Revolut for the very same thing.

You know he’s now President right? He’s taken a step back from the regulatory side, of which Monzo does perfectly well, to focus on vision.

Come on, i mean really? What’s your basis for “wobbing on its last legs”. I think you know as well as I do, that they’ve recently raised tens of millions of pounds, and their financial report shows they’re healthy.

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I can even add that Monzo currently has capital of £175 million. Clearly enough to make the same losses next year as they did this year and still be around to tell the tale.

Monzo is also cost cutting, as Revolut are also doing, so should bring loses down and therefore many years at the least. Monzo are also possibly raising £40 million too in the next year.

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I wasn’t too far wrong on the weekend it seems

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No more direct references to people’s relatives, please. If the posters could edit them to avoid that language that’d be great, otherwise those posts might be removed.

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You know he’s now President right? He’s taken a step back from the regulatory side, of which Monzo does perfectly well, to focus on vision.

How are monzo doing well on the regulatory side if the FCA is investigating monzo over their financial crime controls?.

Revolut lost less money than Monzo while making nearly $100 million more in revenue than monzo last year. This pretty much sums up why monzo will be monz-who within a year.

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:point_up_2: :raising_hand_man:

You understand what an investigation is, right?

It’s the process of collecting information. It isn’t indicative of wrongdoing. :yawning_face:

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I am relatively new here (the community not Monzo) but I’m baffled as to why people keep comparing two such different UK entities - completely different business models.

I get why Monzo and Starling are compared, but why Revolut?

Or am I missing something and they are really a UK bank?!

Also, so much bias to both sides - why not interrogate companies’ performance evenhandedly?

:man_shrugging:t2::man_shrugging:t2::man_shrugging:t2:

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It’s not really people in the plural though

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“Person”

If anyone wants to learn more about this sort of thing, I think ITV are currently repeating The Lost Honour of Christopher Jefferies.

Many newspapers made the mistake of thinking that ‘under investigation’ meant 'clearly a wrong ‘un’ and, ugh. The results weren’t pretty for anyone involved :neutral_face:

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