Revolut reports growing annual profit and revenue
British fintech company Revolut increased its pre-tax profit by 57 percent to a record 1.71 billion pounds ($2.3 billion) in the year ended December 31, according to financial statements posted on the company’s website on Tuesday.
The profit margin before tax rose to 38 percent from 35 percent two years earlier.
The profit after tax rose from 790 million pounds to 1.3 billion pounds.
The company’s revenue last year was 4.52 billion pounds ($6 billion), 46 percent higher than a year earlier and exceeding the average market expectation of 4.2 billion pounds.
The number of retail customers increased by 30 percent to 68.3 million, and that of business customers by 33 percent to 767,000 in one year.
Revolut was founded in London in 2015 by Nikolai Storonsky and Vladislav Yatsenko. The latter is ranked 1,913th on the Forbes billionaires list – as of Tuesday – with a fortune of $2.2 billion. Co-founder Nikolai Staronsky is worth a lot more, at $18.8 billion, making him the 150th richest person in the world.
Revolut is valued at around $75 billion.
Looking ahead, Revolut has said it will invest £10 billion ($13 billion) over the next five years to drive international growth and innovation. It also plans to reach 100 million customers by mid-2027.
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