Fintech giant Revolut, one of Europe’s most valuable startups, reported turning its first ever annual profit in 2021.
a profit of $31 million in 2021, bouncing back from losses of $269 million the year before.Revenues continued to rise in 2022, Revolut said, growing more than 30% to £850 million .
Revolut offers its customers debit cards and crypto services and benefited immensely from the surge of interest in cryptocurrency in 2021, andThe company, which celebrated hitting the 25 million customer mark in 2022, said retail customers grew from 11 million people at the start of 2021 to 16 million people by the end.
Revolut chairman Martin Gilbert said the year “marked a significant milestone for the company” that shows it has transitioned from being a start-up business “only focused on growth, to the ‘scale-up’ looking to grow profitably.”Though Revolut reported increased revenues in 2022, the company has not disclosed profitability from last year. The year, fraught with the economic fallout of Russia’s invasion of Ukraine and the Covid-19 pandemic, was not a good one for many companies, particularly tech.
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