Revolut Exhibits Substantial Profit, Financial Accounts Say
- The company had a net profit of almost 26 million pounds.
- The revenues of the company tripled to almost 636 million pounds.
According to the financial accounts released on Wednesday, the British-Lithuanian neo-bank and financial technology company Revolut issued its first-ever annual profit for 2021, reportedly acquiring a net profit of 26 million pounds. The previous year the company had a huge loss of almost 223 million pounds.
Notably, despite the severe crypto winter that plagued the whole fintech industry, Revolut exhibited a remarkable performance with the company’s revenues tripled almost to 636 million pounds. It is noteworthy that one-third of its revenues has its root in its cryptocurrency trading business.
Nik Storonsky, the Chief Executive at Revolut traced back their journey from the losses during the pandemic to the present victory, stating:
Our profitability in 2021 was despite the economy suffering a significant prolonged shock from global lockdowns, continued travel bans, and Covid-19 effects. At the same time, the accelerated shift to digital services and remote working boosted our number of customers and the amount that they used our app.
Significantly, there had been innumerable hazards that Revolut confronted during its venture to overpower the traditional financial institutions, amidst the downturns in crypto.
Interestingly, the Chief Financial Officer Mikko Salovaara, said that the company had “built a strong momentum”. He added that the accounting systems were replaced, quoting:
Our accounting systems needed replacement. We were held to the highest possible accounting standards.
Elaborating on the point, he added that the United Kingdom’s organization responsible for regulating auditing, the Financial Reporting Council (FRC), once found Revolut’s audit as “inadequate,” which later forced the company to reform the system.