$5.5 billion banking app Revolut is a rocket ship that tripled growth in 2019. Its cofounder says the company has matured after negative headlines and wants profitability in 2021.

• Banking app Revolut hit a $5.5 billion valuation earlier in 2020. The firm undercuts banks on foreign exchange fees, transfers, and stock trades.
• The fast-growing company was dogged in early 2019 with negative headlines on culture and compliance.
• We spoke to cofounder and CTO Vlad Yatsenko, who said the company wasn’t a “9-to-5” environment but that it had matured and implemented better HR processes.
• Revolut has been less drastically impacted than some of its startup peers, thanks to a major fundraise in 2020, rapid growth, and a push to diversify its revenues.

Revolut has spearheaded the fintech revolution in Europe, netting a valuation of $5.5 billion and catapulting its two cofounders, Vlad Yatsenko and Nikolay Storonsky, onto UK rich lists.

The startup, founded in 2015, allows users to spend money worldwide in 150 currencies at a real-time exchange rate, with no fees, through a debit card. It generates 99% of its revenues in the UK and has around 13 million customers.

It’s part of the wider rise in Europe of challenger financial services that aim to replace legacy banks and payment systems, and part of a sector that has attracted huge amounts of venture capital.