As we all know, Revolut has set out to become one of the Big Boys of Banking.
Earlier this year the London-based fintech, which is gearing up for a fundraising that will reportedly value it at between $10bn and $15bn, applied for a full UK banking licence. It has also hired grandees from the world of banking and traditional finance such as the founder of the firm now known as Abrdn, Martin Gilbert, and former Goldman Sachs vice-chair Michael Sherwood.
But somewhat paradoxically, Revolut is also setting out to become one of the Big Boys of Bitcoin.
It is not hard to see why — the company has never been profitable on an annual basis, even if it has occasionally on a month-to-month basis. And the only months that this has ever been the case have tended to be moments of crypto mania.
It was briefly profitable during the bitcoin boom of late-2017, and Revolut said recently that it had been profitable every...read more...