Revolut Reports 33% Increase in Revenue in 2022 Reaching $1.03B EXCHANGE NEWS
The company’s sales increased to $1.03 billion in 2022 as per Revolut’s CFO.
It is anticipated that the fiscal year 2022 accounting results will be released in June.
Revolut, a London-based fintech startup that facilitates cryptocurrency trading, witnessed a 33% increase in revenue in 2022, according to the company’s chief financial officer. In spite of the bear market in cryptocurrencies last year and generally poor macroeconomic circumstances, it managed to achieve great outcomes.
Revolut’s Chief Financial Officer Mikko Salovaara told Reuters that the company’s revenue increased to $1.03 billion in 2022. Notwithstanding the recent months’ downturn of the cryptocurrency market, he said that the number of new memberships and corporate accounts has increased. Customers of Revolut may buy, sell, and exchange more than 90 different digital currencies, including the market leaders bitcoin (BTC) and ether (ETH).
Working Towards Going Public
After an approximately $270M loss in 2020, CEO Nikolay Storonsky had earlier said that the company will turn a profit in 2021. It is anticipated that the fiscal year 2022 accounting results will be released in June of this year.
Since its inception in 2015, one of Britain’s most valued start-ups has raised $1.7 billion. Nonetheless, Salovaara said that the firm is “self-sustained” and has no plans to seek any fundraising in the near future. He said that “it’s not a priority,” but that Revolut is working towards going public.
It was one of the few crypto-related companies to reveal growth ambitions during last year’s weak market when it said it would increase the total workforce to 6,000 employees. New Zealand is next on Revolut’s list of planned expansion locations, after India, Mexico, and Brazil. In September, Revolut was granted permission by the UK’s Financial Conduct Authority (FCA) to provide crypto services to its residents.