Revolut posts first annual profit
By Michele Maatouk
Date: Wednesday 01 Mar 2023
(Sharecast News) - Fintech Revolut reported its first ever annual profit on Wednesday as revenues nearly tripled.
In its much-delayed results for the year to the end of December 2021, the company said it swung to a net profit of £26m from a loss of £233m a year earlier, as revenues nearly tripled to £636m.
Revolut said revenue was driven by continued customer growth across both its retail and business ecosystems, with a 46% jump in retail customers year-on-year to 16.2 million. It highlighted a particularly strong performance from foreign exchange and wealth. The company said sales in 2022 rose to £850m.
"Our profitability in 2021 was despite the economy suffering a significant prolonged shock from global lockdowns, continued travel bans and Covid-19 effects," it said.
"But 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."
Founded in the UK in 2015, Revolut is a virtual, app-based financial service offering transfers and foreign exchange services.
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