In a year marked by upheaval in the financial technology sector, digital banking pioneer Revolut has surpassed expectations. Based in London, the company is poised to achieve over $2 billion in revenue for 2022, as revealed by financial documents obtained by Bloomberg. Revolut’s growth trajectory is remarkable. In the first half of 2022 alone, the startup’s monthly revenue soared to about $150 million, significantly exceeding its total revenue of $1 billion from the previous year.
Revolut Generates $2Bn in Revenues, Adds 40m Clients Globally
Despite a challenging year for fintech companies, Revolut has experienced substantial growth, driven by an influx of new customers. The startup attracts nearly 300,000 users weekly, expanding its global customer base to nearly 40 million. This impressive growth comes amidst stiff competition from traditional banks and other fintech startups.
The latest financial developments offer reassurance to Revolut’s investors amid challenging times. The company is still obtaining a UK banking license and has been criticised for delays in financial reporting.
Nevertheless, Revolut’s profitability is bolstered by new ventures like stock trading and interest income, surpassing foreign exchange earnings.
Revolut has a history of postponing the release of its financial results, a trend that continues with the latest delay. For instance, the company’s 2021 results, which revealed a net profit of $71 million for the first time, were only published in March 2023.
Don’t miss out the latest news, subscribe to LeapRate’s newsletter
Revolut strives to become Europe’s inaugural financial “super app,” offering various services, including banking, trading, and shopping on a single platform. This goal has led to rapid expansion and changes in leadership, which, despite initial challenges, appears to yield significant returns, as evidenced by the recent financial data.
In a strategic move, Revolut appointed Francesca Carlesi, a seasoned banking executive, as the UK CEO in November. This pivotal appointment could expedite the acquisition of the UK banking license in 2023, enabling Revolut to expand its offerings in the UK market with credit cards, loans, and more.
As traditional banks grapple with various challenges, Revolut’s substantial revenue growth highlights the resilience and promise of digital-first financial services. With the resolution of regulatory issues and the stabilisation of its executive team, Revolut is well-positioned to emerge as a leading financial company in Europe.
