Monday 28 June 2021 | No. 8
XU Biweekly The independent news source for Xero users, by Xero users
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Revolut trebles gross profit in 2020 as adjusted revenues surge by 57% and customer numbers jump by 45%
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HE FINANCIAL SUPERAPP, REVOLUT, TODAY RELEASED ITS ANNUAL REPORT FOR THE YEAR ENDING 31 DECEMBER 2020, REVEALING STRONG FINANCIAL METRICS WHICH RESULTED FROM CONTINUED CUSTOMER ADOPTION AND ENGAGEMENT WITH REVOLUT’S PRODUCTS, INVESTMENTS IN PRODUCT INNOVATION AND TIGHT COST CONTROL.
Award-winning banking platform Novo recently surpassed $1 billion in lifetime transactions; will use $40.2 Series A funding to introduce new capabilities that will help small businesses save time and money
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OVO, THE POWERFULLY SIMPLE SMALL BUSINESS BANKING PLATFORM, TODAY ANNOUNCED THAT THE COMPANY HAS RAISED A $40.7M SERIES A FUNDING. VALAR VENTURES LED THE ROUND, WITH PARTICIPATION FROM CROSSLINK CAPITAL, RAINFALL VENTURES, RED SEA VENTURES, AND BOXGROUP. “The modern-day online small business owner expects a digital banking platform to offer more than a well-designed interface — they want a robust, centralized, and nofee application that offers true value-add to how they manage their money,” said Michael Rangel, CEO and co-founder of Novo. “Small businesses across the U.S. have chosen Novo because our team has built a digital banking platform that makes everyday financial tasks a breeze — from creating invoices and receiving payments to connecting their accounts with other tools their businesses need to operate like Stripe, Shopify, Square, and more.” Since launching in 2018, more than 100,000 small businesses have opened a Novo account. In 2021, Novo surpassed $1 billion in lifetime transactions, announced a
number of new features, opened a new office in Miami, and grew its leadership team. The company was also named both CNBC’s Best Business Checking Accounts of March 2021 and Money Magazine’s Best Business Checking Accounts of 2021. “The ability of the Novo team to grow the company rapidly during a year where businesses have faced unprecedented challenges is impressive,” said Andrew McCormack, founding partner at Valar Ventures. “Novo tripled its small business customer base in the first half of 2021! Their custom infrastructure and banking platform put them in prime position to expand their services at an even faster pace as we come out of the health crisis. All of us at Valar Ventures are excited to join this team.” Novo will use its $40.7M Series A funding to continue building out a best-in-class platform for small business banking, with a focus on helping business owners simplify their finances and optimize their cash flow. Novo currently has more than 60 employees, with plans on more than doubling its headcount over the next year. “Novo’s robust and flexible underlying...
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Revolut’s customer base continued to grow strongly reaching 14.5m personal customers and 500,000 Revolut Business customers by the year end, despite the decision to forgo marketing spend during the pandemic. This strong growth in personal and business customers numbers, driven by the increased diversity of our product offering and an enhanced appetite for digital financial management helped push adjusted revenue up by 57% year on year, to £261m by the year end (2019: £166m), an increase of £95m. While COVID-19 reduced payments volumes from March onwards, this was more than offset by growth in Subscriptions,
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GL CORPORATE SOLUTIONS, AUSTRALIA'S LEADING SUPPLIER OF SMSF ADMINISTRATION AND ASIC COMPANY COMPLIANCE SOLUTIONS, IS PROUD TO ANNOUNCE THE RELEASE OF CAS 360, OUR MARKET LEADING CORPORATE COMPLIANCE SOLUTION, IN SINGAPORE. The addition of Singapore to BGL’s CAS 360 Product means we are now providing our cloud based corporate compliance solu-
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ACRA into CAS 360 - another first for CAS 360. “The CAS 360, Dev Ops, Integrations and API Teams have been working hard over the past few months to build CAS 360 Singapore,” said BGL Managing Director Ron Lesh. “We are proud to announce the BETA version has been released to our clients and the Singapore corporate service provider (CSP) network. While our CAS Desktop product has been...
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tion in 3 jurisdictions - Australia, New Zealand and Singapore - with more to come in 2022. “CAS 360 is a game changer in Singapore,” says BGL Managing Director Ron Lesh. “It is the first company secretarial solution to be approved by the Accounting and Corporate Regulatory Authority (ACRA) in Singapore for the electronic filing of company Annual Returns. CAS 360 Singapore also provides a connected service allowing clients to download company data directly from
Time is valuable, let’s give you some of it back! Monday 28 June 2021
Wealth & Trading and Revolut Business. Adjusted revenue in the second half of the year was 41% higher than in the first half. The company continued its progress towards profitability as investments in product innovation helped accelerate daily use and progress towards long term profitability. Gross profits increased by 215% from £39m in 2019 to £123m in 2020. Gross margin improved by 24 percentage points from 25% in 2019 to 49% in 2020.
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