Revolut, the $45 billion neobanking startup founded in the U.K., may have put its IPO plans on ice, but its balance sheet is looking pretty hot. The

Revolut more than doubled its profits to £1bn last year, as Europe’s most valuable start-up surpassed 50mn customers and benefited from a surge in cryptocurrency trading. In an annual report published on Thursday, Revolut said its pre-tax profits had increased from £438mn a year earlier. Revenues rose to £3.1bn, from £1.8bn.

Revolut posts over $1 billion in annual profit for the first time as it prepares to launch its UK bank and expand its financial services footprint.