Despite Crypto Bear Market, Revolut’s Revenue Climbed by 33% in 2022 (Report)

Summary

• Revolut’s revenue in 2022 reached $1.03 billion despite the crypto market decline last year and unfavorable macroeconomic conditions.
• Mikko Salovaara – Revolut’s CFO – revealed that the number of new subscriptions and business accounts has risen.
• The firm does not intend to secure any fundraisers soon, despite raising $1.7 billion since its launch in 2015.

Overview of Revolut

London-based fintech company, Revolut, allows cryptocurrency trading and saw a 33% spike in its revenue in 2022. The firm offers clients the option to buy, sell, and exchange over 90 digital currencies, including bitcoin (BTC) and ether (ETH). According to Reuters reports, the company’s revenue surged to $1.03 billion in 2022 due to increased new subscription and business accounts even with the crypto market downturn last year. CEO Nikolay Storonsky had previously stated that they were profitable in 2021 after registering a nearly $270 million loss in 2020. Accounting results for 2022 are expected to be published by June this year.

Revenue from Cryptocurrency Operations

In spite of the declining cryptocurrency market last year, Revolut’s CFO Mikko Salovaara revealed that their revenue from cryptocurrency operations accounted for 5-10% of their overall income in 2022. He also mentioned that they have built a strong momentum despite unfavorable macroeconomic conditions.

Fundraising Plans

Despite having raised $1.7 billion since their launch back in 2015, Salovaara said that there were no plans for further fundraising anytime soon.

Conclusion

Despite the bearish crypto market last year, London-based fintech company Revolut managed to post 33% growth on its revenues which reached $1.03 billion due to increased subscriptions and business accounts even amidst unfavorable macroeconomic conditions globally