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's pretax profit surged 149% last year to 1.1 billion pounds ($1.46 billion) as the financial technology firm rode a wave in crypto trading and earned more from interest rates and card fees, the company said on Thursday.