British fintech startup Revolut, founded by Nikolai Storonsky, has earned $31 million for 2021, according to the company’s financial statements.
In 2021, Revolut’s revenue tripled to $767.9 million, driven in particular by its foreign exchange business and cryptocurrency trading. At the same time, 2020 ended for the company with a net loss of $270 million.
In 2021, the company’s gross profit also increased from 33% to 70%. And the number of customers who pay for a subscription increased by 75%.
In 2022, the startup’s revenue grew more slowly, rising 30% to $1.027 billion, Revolut does not disclose earnings for this period. According to CFO Mikko Splovaar, the positive dynamics is due to the fact that customers began to make more payments through the app.
The company was supposed to file accounts with the UK Chamber of Companies in September last year, Forbes clarifies. The agency gave the startup a window until December, but Revolut also missed that deadline. As a result, the Financial Information Board declared the company’s financial statements invalid.
Founded in 2015 by Nikolai Storonsky and Vlad Yatsenko, Revolut was recognized as the UK’s Most Valuable Fintech Startup. In the fall of 2022, Storonsky renounced Russian citizenship in connection with the condemnation of military operations on the territory of Ukraine.
Earlier, The Guardian newspaper wrote that Revolut will attract a team of psychologists to improve corporate culture at the company.
Author:
Natalia Gormaleva
Source: RB
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