In the face of COVID, challenger-bank Revolut‘s adjusted operating losses rose to $210M Cdn. (A little down for its 3-fold sales growth in 2019.)

Revolut’s main revenue comes from interchange fees and fluctuates based on consumer card usage – COVID led to a sharp decline in payment volume.

However … the Crypto white knight came to rescue. With Bitcoin’s 12 month quadrupling, Revolut’s adjusted revenues including crypto grew 57% to 450M Cdn.

Revolut is valued at $5.5B and is seeking a valuation of a whopping $10 billion on its next raise.