Gemini's credit card business brought in $14.7 million in the first quarter, a nearly 300% jump from the same period last year. The surge helped drive the company's overall revenue up 42% after it expanded deeper into financial services.
What fueled the credit card growth
The company attributed the spike in credit card revenue to a significant increase in its user base. Gemini has been pushing its card as a reward-earning product that lets customers spend cryptocurrency and fiat. The growth suggests the strategy is gaining traction with consumers.
Broader revenue gains
The 42% total revenue lift came on the heels of Gemini's push into a wider range of financial products. Beyond its core exchange, the firm now offers lending, custody, and the credit card. The quarterly results mark one of the strongest periods for the company since it began diversifying its revenue streams.
The $14.7 million in credit card revenue alone puts the product on a path to become a meaningful slice of Gemini's top line. For context, that figure was just $3.7 million a year earlier.
Gemini did not disclose its total user count or break out revenue from other segments. But the card's performance indicates that the company's bet on consumer finance is paying off.
