• Revolut reported a 33% increase in revenue in 2022, reaching $1.03 billion.
• The company’s CFO announced that the fiscal year 2022 accounting results will be released in June.
• The firm is self-sustained and has no plans to seek any fundraising, but is working towards going public.
Revolut Reports 33% Increase In Revenue
Revolut, a London-based fintech startup that facilitates cryptocurrency trading, experienced a 33% increase in revenue in 2022 according to the company’s Chief Financial Officer Mikko Salovaara. Despite the bear market for cryptocurrencies and generally poor macroeconomic circumstances, Revolut managed to achieve great outcomes with sales increasing to $1.03 billion for the year.
Fiscal Year 2022 Accounting Results To Be Released In June
Salovaara stated that it is anticipated that Fiscal Year 2022 accounting results will be released this June of 2023. This follows an approximately $270M loss by the company back in 2020; however CEO Nikolay Storonsky had previously indicated that 2021 would bring profitability for Revolut’s operations.
90+ Cryptocurrencies Supported By Revolut
Customers of Revolut are able to buy, sell and exchange more than 90 different digital currencies including Bitcoin (BTC) and Ether (ETH). Recently they have also been granted permission by UK’s Financial Conduct Authority (FCA) to provide crypto services to its residents which marks another success for the company as it continues its expansion plans across multiple countries such as India, Mexico, Brazil and most recently New Zealand.
No Plans For Fundraising In Near Future
Despite having raised over $1.7 billion since 2015 when it first started up, Salovaara said “it’s not a priority” but that Revolut is working towards going public with no plans of seeking any fundraising in the near future as they are now self-sustaining as a business entity.
Overall this news speaks volumes about how well Revolut has been able to perform even during uncertain times both economically and politically speaking due mostly thanks to their ability of appealing to so many customers across multiple countries around the world through its attractive features such as cryptocurrency support or multi-currency accounts among others thus making them one of Britain’s most valued startups currently active today despite only being 6 years old at most!