Revolut Triples Revenue and Records First Full-Year Profit in 2021
Revolut, a UK-based challenger bank, has reported its first full-year profits as it expands its range of products in various jurisdictions.
According to Revolut’s Annual Report for the year ending on December 31, 2021, published on March 1, the fintech company recorded a profit of £26.3 million ($31.5 million) for the year, with revenue tripling compared to 2020.
The bank attributes this performance to increased retail customer activity and revenue growth across multiple product lines. The bank recorded a 50% increase in weekly active retail customers and a 10% rise in average user spending.
Revolut’s revenue tripled to £636 million in 2021, up from £220 million in 2020, thanks to product offerings such as payments, subscriptions, Revolut Business, foreign exchange, and wealth.
Revolut’s CEO, Nik Storonsky, said that the results demonstrate the bank’s ability to expand its customer base and increase revenue across all its product lines.
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However, Revolut’s auditor, BDO LLP, cautioned that it could not independently verify a significant portion of the fintech’s revenue, resulting in a delayed release of the financial results.
Revolut has recently increased its stake in crypto-related products, which have become essential to its earnings. It remains to be seen how the crypto market downturn affected its income in 2022.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
