Revolut reports first annual profit but hit by crypto downturn

1 Mar 2023

Image: © Cloudy Design/

The fintech saw its revenue triple in 2021, but the company’s cryptocurrency business reportedly shrank last year.

Revolut reported its first annual profit in 2021 and expects a 30pc increase in its 2022 revenue, according to a new report.

The fintech saw its revenue triple in 2021 compared to 2020, ending with a net income of £26.3m for the full year.

The company’s gross margin increased from 33pc in 2020 to 70pc for 2021, while operating costs for the year increased by 37pc.

Revolut attributed the revenue rise to a 50pc increase in weekly active retail customers, along with the average spending of users increasing by 10pc.

The company’s CEO Nik Storonsky said the results show that Revolut can accelerate customer growth “at scale” and grow revenue across “all of our product lines”.

“In 2021 we were granted a full banking licence from the European Central Bank and welcomed millions of new customers,” Storonsky said in a statement. “We also launched several new products and saw more activity from our customer base.”

In an update for the company’s 2022 results, Revolut CFO Mikko Salovaara said revenue grew to more than £850m, an increase of more than 30pc.

Salovaara said the company saw particularly strong growth in payments as “we welcomed millions of new customers and more people chose to travel again”.

“During 2022 we continued to focus on growth and really ramped up marketing and sales efforts for the retail and business ecosystems respectively,” Salovaara said. “Today, Revolut has more than 27m retail customers, more than doubling the number of customers since the beginning of 2021, as well as surpassing 6m customers in the UK.”

Salovaara told Reuters that the company’s cryptocurrency business – which accounts for roughly 5pc to 10pc of its total income – shrank last year amid the global crypto downturn. The CFO also declined to tell Reuters if the company made a profit in 2022.

Struck off the Irish register

Meanwhile, The Irish Times reports that Revolut has moved to strike two of its Irish entities off the register of companies, based on filings with the Companies Registration Office.

A company spokesperson told that the move relates to its decision last year to use a European full banking licence for its Irish operations, rather than the Irish e-money licence granted by the Central Bank of Ireland.

Revolut first announced this decision in February 2022 when it opened a waiting list for Irish customers looking for personal loans, marking its first step in launching Revolut Bank services in the country.

“This meant we were able to offer customers in Ireland new credit products, including personal loans, as well as a bank account backed by a deposit guarantee scheme,” the spokesperson said.

Last month, the fintech giant announced its plans to launch a credit card service for its customers in Ireland.

In January, the company opened a waitlist for a new Ultra subscription service that will offer benefits such as low fees for investment products and discounts with various partnerships.

Revolut is also planning to launch Irish IBANs for customers in the coming months after officially becoming a bank in Ireland last year. This will enable Irish Revolut users to receive salaries, make direct debit payments and pay service providers via the platform.

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Leigh Mc Gowran is a journalist with Silicon Republic