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Despite Crypto Bear Market, Revolut Revenue Increased 33% in 2022 (Report)
London-based fintech company Revolut, which enables cryptocurrency trading, reported a 33% increase in revenue in 2022, the company's CFO said. Its positive results come despite the crypto market's decline over the last year and overall unfavorable macroeconomic conditions. A “strong momentum” Mikko Salovaara – Revolut’s CFO – reveals to Reuters that the company’s revenue rose to $1.03 billion in 2022. He said the number of new subscriptions and business accounts has increased despite the cryptocurrency market's decline in recent months. Revolut offers customers the ability to trade over 90 digital currencies...
Despite Crypto Bear Market, Revolut Revenue Increased 33% in 2022 (Report)
London-based fintech company Revolut, which enables cryptocurrency trading, reported a 33% increase in revenue in 2022, the company's CFO said.
Its positive results come despite the crypto market's decline over the last year and overall unfavorable macroeconomic conditions.
A “strong dynamic”
Mikko Salovaara – CFO of Revolut –revealedtold Reuters that the company's revenue rose to $1.03 billion in 2022.
He said the number of new subscriptions and business accounts has increased despite the cryptocurrency market's decline in recent months. Revolut offers customers the ability to buy, sell and exchange over 90 digital currencies, including the leading ones – Bitcoin (BTC) and Ether (ETH).
“We have built strong momentum,” the executive explained.
Salovaara said revenue from Revolut's crypto operations declined compared to 2021 (during the bull market), accounting for 5-10% of total revenue in 2022.
CEO Nikolay Storonsky previously said the company was profitable in 2021 after posting a loss of nearly $270 million in 2020. Accounting results for 2022 are expected to be published by June this year.
One of Britain's most valuable startups has raised $1.7 billion since it was founded in 2015. However, Salovaara said the company has no plans to secure fundraising efforts soon, describing it as "self-sustaining." He also explained that Revolut is aiming to become a listed company, although “it is not a priority.”
It was among the few crypto-related organizationsannounceExpansion plans amid last year's bear market to increase the size of its team to 6,000 members. Revolut plans to expand globally to India, Mexico and Brazil in the near future and is expected to expand to New Zealand in the next few weeks.
Revolut's approvals around the world
The fintech company secured key registrations last year to expand the scope of its cryptocurrency offerings. The Cyprus Securities and Exchange Commission (CYSEC)awardedRevolut with a Crypto Asset Service Provider License (CASP) in August. It previously received approval from the Central Bank of Spain and the Monetary Authority of Singapore (MAS).
Also the British Financial Conduct Authority (FCA).enabledRevolut is launching cryptocurrency services for locals in September. The watchdog was initially againsturgethe company to improve its audit process and create “a back office like a bank.”
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