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.
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.