Сryptocurrency trading company Revolut saw a 33% spike in its revenue in 2022, said the firm’s CFO. That positive result came despite the crypto market’s decline over the past year and overall unfavorable macroeconomic conditions.
Revolut’s Revenue Climbed by 33% in 2022
Revolut’s CFO Mikko Salovaara informed that the company’s revenue surged to $1.03 billion in 2022. According to his words, the number of new subscriptions and business accounts has risen despite the cryptocurrency market’s downfall in the past several months. Revolut offers customers the ability to buy, sell and exchange over 90 digital currencies, including the leading Bitcoin (BTC) and Ether (ETH). Salovaara said revenue from Revolut’s crypto operations declined compared to 2021 (during the bull run) and accounted for 5-10% of the overall income in 2022.
CEO Nikolay Storonsky previously said it would be profitable in 2021 after posting losses of about $270 million in 2020. The 2022 financial results are expected to be announced by June this year. One of the UK’s most valuable startups has raised $1.7 billion since its inception in 2015. However, Salovaara said the company is not looking to secure a fundraiser anytime soon, describing it as “self-sustaining.” He also said that Revolut aims to become a publicly traded company, but “that’s not a priority.”
Last year, it was one of the few crypto-related organizations to announce expansion plans amid a bear market, increasing the size of its team to 6,000 members. Revolut plans to expand globally to India, Mexico and Brazil in the near future, and to New Zealand in the coming weeks.
The fintech firm have secured major registrations over the past year to expand their cryptocurrency offerings. The Cyprus Securities and Exchange Commission (CYSEC) announced in August that Revolut has been named a Crypto Asset Service Provider (CASP). Prior to that, it acquired approval from the Spanish Central Bank and the Monetary Authority of Singapore (MAS).
The UK’s Financial Conduct Authority (FCA) also allowed Revolut to offer cryptocurrency services to locals in September. Initially, regulators opposed the idea, asking the company to improve its audit process and set up “a back office like a bank.”
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