Peer-to-peer shopping platform Depop has filed its accounts for 2024 and they show revenue jumping, although the company remains loss-making.

Revenue leapt 42% to £101.6 million last year and the operating loss narrowed from £49.1 million in 2023 to £42 million this time. The company also said the net loss was lower having shrunk from £48.6 million a year ago to £40.44 million in the latest year.

The company, which is owned by Etsy, is based in London and had 43.5 million registered users worldwide at year-end, a figure that jumped from 35 million in 2023. Those users are mainly based in its key markets of the US, the UK and Australia.

It said that around 57% of its sellers who made a sale in 2024 also made at least one purchase, demonstrating strong engagement within its user base. And nearly 94% of its gross merchandise sales  (GMS) came in the apparel category.

The company added that it’s still in the early stages of its growth lifecycle with the global secondhand clothing market forecast to grow around three times faster on average than the broader clothing market through to 2028, reaching an estimated $350 billion value.

Highlights during 2024 included the evolution of the company’s fee structure that removed seller fees in the UK and US, replacing them with a buyer marketplace fee. It believes this change has made it more attractive to sellers, driving a “meaningful acceleration in listings” since being launched.

It also accelerated its GMS growth with a strong year on year increase driven by expanding its share in the US and Australia, although the UK market saw a decline. Depop was the fastest growing US online apparel marketplace during the year and it said there remains “significant headroom for further growth”. Strategic investments in the value proposition, marketing, platform enhancements, and increased seller engagement contributed to the overall improvement.

It also made advancements in AI-powered selling tools enabling listing details to be auto populated through just uploading a photo.

And it delivered its best year in paid-marketing-driven GMS powered by growth in performance marketing channels, improved ROI, and the successful scaling of mid-funnel channels to broaden its reach.

It also enhanced its trust and safety measures and launched AI-driven full detection and security features.