EBITA before special items also rose 34%, to €36.6m, while cash flow from operations increased 44% to €38.3m.

Better Collective saw new depositing customers exceed 437,000 in 2020, which was a similar rate to 2019.

For Q4, Better Collective revenue soared 88% to €36.7m, with organic growth at 32%. This was aided by the acquisition of Atemi Group on 1 October, with the two firms since completing a successful integration.

Quarter-on-quarter, this was a doubling of Better Collective's revenue, while EBIT before special items for the quarter increased 92% to €13.6m.

Cash flow from operations before special items rose 35% to €10.1m and the total of new depositing customers was up 30% to 153,000.

January revenue reached €13m for the affiliate, a rise of 78%.

With the expiration of its 2018-2020 targets, and the introduction of segment reporting, Better Collective's board of directors has decided on new financial targets for 2021, including generating over €160m in revenue, over €50m in EBITDA (rather than EBIT before special items) and organic growth of over 20%.

Jesper Søgaard, Better Collective CEO, said: "Looking back at an unusual year, I am pleased to see our business has proven resilient and I am proud we came out strong on performance.

"We have entered 2021 in great shape and are well-positioned for an eventful 2021."