Revolut reported revenues of £636.2 million in 2021, three times what it made the previous year, and swung to a net profit of £59.1 million.
However, Revolut was late to producing its accounts to the U.K. company register, Companies House, in time for a Dec. 31 deadline. They were finally signed off by BDO, Revolut's auditors, last month.from U.K. regulators over the robustness of its internal financial controls.
The company, which has no physical branches, offers digital banking, money transfers, and cryptocurrency and stock trading through a single app. It competes with the likes ofFounded in 2015 by former Lehman Brothers trader Nikolay Storonsky and software developer Vlad Yatsenko, Revolut has quickly grown to become one of Europe's largest fintech unicorns, with a valuation of $33 billion.
Revolut has been pushing hard into overseas markets, in particular the U.S., where it currently has over 500,000 clients. The firm has also opened operations in Brazil, Mexico and India. In November, Revolut announced it has 25 million users worldwide. Closer to home, though, the company's growth plans have been dealt some setbacks. Revolut has been pursuing a banking license in the U.K. for the past two years, in an effort to source more of its income from lending activity.
That process has been a drawn out one, and it is believed the wait is in connection with the delays to the publication of Revolut's results. Revolut has also faced criticisms over an aggressive working culture, which has reportedly led to
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