Revolut makes hay even during the crypto winter

Revolut makes hay even during the crypto winter

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Revolut, the fintech company with a focus on crypto, has published impressive earnings for 2022, with a 33% increase in revenue.

From strength to strength

In its last funding round back in 2021, Revolut was valued at $33 billion, making it the highest value start-up in the UK. It might have been expected that the company would go into its shell during what has been a really harsh bear market, but nothing of it.

According to a report on Reuters, Revolut increased its revenue to the equivalent of just over $1 billion in 2022, based on payments, subscriptions, and business accounts.

Accounting system replaced

However, all has not been easy going according to Revolut’s chief financial officer Mikko Salovaara. He is reported to have told Reuters that the company had been obliged to replace its accounting system given that its audit for 2021 was deemed “inadequate” by the UK auditing watchdog, the FRC.

A self-sustained company

Even when considering the increased growth of the company, Salovaara stated that Revolut wasn’t planning on another fundraising event in the near future, saying that the company was “self-sustained”. He added that Revolut will “eventually be a public listed business, but it’s not a priority”.

As well as making the impressive increase in revenue in 2022, Revolut has also not followed the trend of most of its competitors that have seen fit to reduce their workforce, and some of them quite dramatically. 

Revolut expands overseas

Instead, the number of employees doubled in 2022, going from 3000 to 6000. This successful trend is enabling the fintech payments leader to plan for an expansion into overseas markets. It will launch in New Zealand in the short term, and it is also looking to enter India, Mexico, and Brazil. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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