Annual reports
Fintech annual reports as money-flow charts
Every diagram below is transcribed from the company's own annual report or SEC filing - what came in on the left, what it was spent on and what was left on the right.
Coverage follows disclosure, not size. Listed groups file a 10-K or 20-F and UK and EU banks publish audited accounts, so they are here. Binance, OKX, Bybit, KuCoin, MEXC, Bitget, HTX, Crypto.com, Blockchain.com, MoonPay, SwissBorg and Bitstamp publish no audited group financials, so they are left out rather than estimated.
Read the analysis: what fintechs spend most on →
Neobanks and payments
Net result: $51.9m
Income and profit keptCosts and tax
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| Line item | Direction | Amount |
|---|---|---|
| Merchant network and card revenue | Income and profit kept | $1,114m |
| Interest income | Income and profit kept | $1,608m |
| Gain on sales of loans | Income and profit kept | $381.6m |
| Servicing income | Income and profit kept | $120.6m |
| Net non-operating income | Income and profit kept | $148.7m |
| Total inflows | $3,373m | |
| Loss on loan purchase commitment | Costs and tax | $242.3m |
| Provision for credit losses | Costs and tax | $616.7m |
| Funding costs | Costs and tax | $425.5m |
| Processing and servicing | Costs and tax | $457.8m |
| Technology and data analytics | Costs and tax | $589.7m |
| Sales and marketing | Costs and tax | $434.8m |
| General and administrative | Costs and tax | $545.1m |
| Tax | Costs and tax | $9.3m |
| Net profit | Kept | $51.9m |
Source: Form 10-K (SEC) · Open the Affirm profile
Net result: £27.3m
Income and profit keptCosts and tax
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| Line item | Direction | Amount |
|---|---|---|
| Interest income | Income and profit kept | £404.2m |
| Fair value gains | Income and profit kept | £6.5m |
| Total inflows | £410.7m | |
| Interest expense | Costs and tax | £245.2m |
| Fee and commission expense | Costs and tax | £6.9m |
| Operating expenses | Costs and tax | £101.6m |
| Impairment losses | Costs and tax | £13.3m |
| Acquisition costs | Costs and tax | £0.9m |
| Accelerated amortisation, legacy platforms | Costs and tax | £4.6m |
| International expansion costs | Costs and tax | £1.3m |
| Tax | Costs and tax | £9.6m |
| Net profit | Kept | £27.3m |
Source: Annual Report & Accounts 2025 · Open the Allica Bank profile
Net result: £16.9m
Income and profit keptCosts and tax
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| Line item | Direction | Amount |
|---|---|---|
| Interest income | Income and profit kept | £443.4m |
| Tax credit | Income and profit kept | £11.8m |
| Total inflows | £455.2m | |
| Interest expense | Costs and tax | £341.3m |
| Other expense | Costs and tax | £1.1m |
| Credit impairment charges | Costs and tax | £7.1m |
| Staff costs | Costs and tax | £36.9m |
| Administrative and general expenses | Costs and tax | £31.9m |
| Depreciation and amortisation | Costs and tax | £13.9m |
| Share-based payments | Costs and tax | £6.1m |
| Net profit | Kept | £16.9m |
Source: Annual Report FY25 · Open the Atom Bank profile
Net result: $1,304m
Income and profit keptCosts and tax
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| Line item | Direction | Amount |
|---|---|---|
| Total net revenue | Income and profit kept | $24,194m |
| Total inflows | $24,194m | |
| Cost of revenue | Costs and tax | $13,834m |
| Product development | Costs and tax | $2,908m |
| Sales and marketing | Costs and tax | $2,273m |
| General and administrative | Costs and tax | $1,998m |
| Transaction, loan and receivable losses | Costs and tax | $1,337m |
| Amortisation of intangibles | Costs and tax | $135.7m |
| Net non-operating costs | Costs and tax | $18.5m |
| Tax | Costs and tax | $385.7m |
| Net profit | Kept | $1,304m |
Source: Form 10-K (SEC) · Open the Cash App profile
Net result: -$1,010m
Income and profit keptCosts and tax
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| Line item | Direction | Amount |
|---|---|---|
| Revenue | Income and profit kept | $2,187m |
| Net non-operating income | Income and profit kept | $30.9m |
| Net loss (funded) | Income and profit kept | $1,010m |
| Total inflows | $3,228m | |
| Cost of revenue | Costs and tax | $263.0m |
| Transaction and risk losses | Costs and tax | $407.3m |
| Member support and operations | Costs and tax | $458.0m |
| Sales and marketing | Costs and tax | $635.4m |
| Technology and development | Costs and tax | $934.9m |
| General and administrative | Costs and tax | $512.1m |
| Depreciation and amortisation | Costs and tax | $16.0m |
| Tax | Costs and tax | $0.8m |
Source: Form 10-K (SEC) · Open the Chime profile
Net result: £86.4m
Income and profit keptCosts and tax
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| Line item | Direction | Amount |
|---|---|---|
| Interest income | Income and profit kept | £1,200m |
| Fee and commission income | Income and profit kept | £459.0m |
| Other operating income | Income and profit kept | £53.7m |
| Total inflows | £1,712m | |
| Interest expense | Costs and tax | £376.9m |
| Fee and commission expense | Costs and tax | £118.9m |
| Credit loss expense | Costs and tax | £203.7m |
| Personnel expense | Costs and tax | £421.6m |
| Other operating expenses | Costs and tax | £503.9m |
| Tax | Costs and tax | £1.0m |
| Net profit | Kept | £86.4m |
Source: Annual Report and Accounts 2026 · Open the Monzo profile
Net result: €1.6m
Income and profit keptCosts and tax
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| Line item | Direction | Amount |
|---|---|---|
| Revenue | Income and profit kept | €501.6m |
| Total inflows | €501.6m | |
| Cost of revenue | Costs and tax | €151.1m |
| Operating and other costs (incl. tax) | Costs and tax | €348.9m |
| Net profit | Kept | €1.6m |
Net result: $73.2m
Income and profit keptCosts and tax
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| Line item | Direction | Amount |
|---|---|---|
| Revenue | Income and profit kept | $1,053m |
| Total inflows | $1,053m | |
| Transaction costs | Costs and tax | $165.2m |
| Other operating expenses | Costs and tax | $165.3m |
| Research and development | Costs and tax | $155.4m |
| Sales and marketing | Costs and tax | $235.2m |
| General and administrative | Costs and tax | $141.4m |
| Depreciation and amortisation | Costs and tax | $65.6m |
| Net financial expense | Costs and tax | $9.1m |
| Tax | Costs and tax | $42.4m |
| Net profit | Kept | $73.2m |
Source: Form 10-K (SEC) · Open the Payoneer profile
Net result: $5,233m
Income and profit keptCosts and tax
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| Line item | Direction | Amount |
|---|---|---|
| Net revenues | Income and profit kept | $33,172m |
| Net non-operating income | Income and profit kept | $227.0m |
| Total inflows | $33,399m | |
| Transaction expense | Costs and tax | $15,987m |
| Transaction and credit losses | Costs and tax | $1,720m |
| Customer support and operations | Costs and tax | $1,704m |
| Sales and marketing | Costs and tax | $2,283m |
| Technology and development | Costs and tax | $3,103m |
| General and administrative | Costs and tax | $1,979m |
| Restructuring and other | Costs and tax | $331.0m |
| Tax | Costs and tax | $1,059m |
| Net profit | Kept | $5,233m |
Source: Form 10-K (SEC) · Open the PayPal profile
Net result: £1,305m
Income and profit keptCosts and tax
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| Line item | Direction | Amount |
|---|---|---|
| Fee income | Income and profit kept | £3,429m |
| Interest income | Income and profit kept | £974.2m |
| Other income | Income and profit kept | £112.4m |
| Total inflows | £4,516m | |
| Fee expense | Costs and tax | £767.2m |
| Interest expense | Costs and tax | £83.0m |
| Credit losses - lending | Costs and tax | £61.2m |
| Credit losses - non-lending | Costs and tax | £19.9m |
| Other operating expenses | Costs and tax | £66.7m |
| Administrative expenses | Costs and tax | £1,804m |
| Tax | Costs and tax | £408.6m |
| Net profit | Kept | £1,305m |
Source: Annual Report 2025 · Open the Revolut profile
Exchanges and brokers
Net result: $1,260m
Income and profit keptCosts and tax
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| Line item | Direction | Amount |
|---|---|---|
| Consumer transaction revenue | Income and profit kept | $3,323m |
| Institutional transaction revenue | Income and profit kept | $479.7m |
| Other transaction revenue | Income and profit kept | $252.9m |
| Stablecoin revenue | Income and profit kept | $1,349m |
| Blockchain rewards | Income and profit kept | $677.4m |
| Interest and finance fee income | Income and profit kept | $247.0m |
| Other subscription and services | Income and profit kept | $554.8m |
| Other revenue | Income and profit kept | $297.9m |
| Net non-operating income | Income and profit kept | $86.6m |
| Total inflows | $7,268m | |
| Transaction expense | Costs and tax | $1,020m |
| Technology and development | Costs and tax | $1,671m |
| Sales and marketing | Costs and tax | $1,059m |
| General and administrative | Costs and tax | $1,620m |
| Losses on crypto held for operations | Costs and tax | $20.7m |
| Other operating expenses | Costs and tax | $356.1m |
| Tax | Costs and tax | $261.7m |
| Net profit | Kept | $1,260m |
Source: Form 10-K (SEC) · Open the Coinbase profile
Net result: -$582.7m
Income and profit keptCosts and tax
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| Line item | Direction | Amount |
|---|---|---|
| Revenue | Income and profit kept | $179.6m |
| Tax credit | Income and profit kept | $6.0m |
| Net loss (funded) | Income and profit kept | $582.7m |
| Total inflows | $768.3m | |
| Salaries and compensation | Costs and tax | $225.9m |
| Technology | Costs and tax | $77.1m |
| General and administrative | Costs and tax | $77.5m |
| Transaction losses | Costs and tax | $21.3m |
| Sales and marketing | Costs and tax | $97.1m |
| Transaction processing | Costs and tax | $26.3m |
| Net non-operating costs | Costs and tax | $243.1m |
Source: Form 10-K (SEC) · Open the Gemini profile
Adj. EBITDA: $531.0m
Income and profit keptCosts and tax
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| Line item | Direction | Amount |
|---|---|---|
| Trading revenue | Income and profit kept | $1,034m |
| Asset-based and other revenue | Income and profit kept | $1,166m |
| Total inflows | $2,200m | |
| Adjusted operating costs | Costs and tax | $1,669m |
| Adjusted EBITDA | Kept | $531.0m |
Source: 2025 full-year financial highlights · Open the Kraken profile
Net result: $1,883m
Income and profit keptCosts and tax
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| Line item | Direction | Amount |
|---|---|---|
| Options | Income and profit kept | $1,123m |
| Cryptocurrencies | Income and profit kept | $901.0m |
| Equities | Income and profit kept | $302.0m |
| Other transaction revenue | Income and profit kept | $302.0m |
| Net interest revenue | Income and profit kept | $1,514m |
| Other revenue | Income and profit kept | $331.0m |
| Net non-operating income | Income and profit kept | $14.0m |
| Total inflows | $4,487m | |
| Brokerage and transaction | Costs and tax | $211.0m |
| Technology and development | Costs and tax | $897.0m |
| Operations | Costs and tax | $130.0m |
| Provision for credit losses | Costs and tax | $114.0m |
| Marketing | Costs and tax | $399.0m |
| General and administrative | Costs and tax | $628.0m |
| Tax | Costs and tax | $225.0m |
| Net profit | Kept | $1,883m |