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

The London-based fintech company that allows cryptocurrency trading – Revolut – saw a 33% increase in its revenue in 2022, the company’s CFO said.

The positive results come despite the decline in the crypto market last year and the general unfavorable macroeconomic conditions.

A “strong momentum”

Mikko Salovaara – Revolut’s CFO – revealed to Reuters that the company’s revenue would rise to $1.03 billion in 2022.

He said the number of new subscriptions and business accounts has risen despite the cryptocurrency market’s fall in recent months. Revolut offers customers the ability to buy, sell and exchange over 90 digital currencies, including the leading ones – bitcoin (BTC) and ether (ETH).

“We have built a strong momentum,” the executive stated.

Salovaara said revenue from Revolut’s crypto operations declined compared to 2021 (during the bull run) and accounted for 5-10% of total revenue in 2022.

CEO Nikolay Storonsky previously said the firm was profitable in 2021 after recording a loss of nearly $270 million in 2020. Financial results for 2022 are expected to be published by June this year.

One of Britain’s most valuable start-ups has raised $1.7 billion since launching in 2015. However, Salovaara said the company has no intention of securing any fundraising soon, describing it as “self-sustaining”. He also stated that Revolut is striving to become a publicly traded entity, although “it’s not a priority.”

It was among the few crypto-related organizations to announce expansion plans amid the bear market last year, increasing the size of the team to 6,000 members. Revolut intends to expand globally to India, Mexico and Brazil in the near future and is expected to expand to New Zealand in the coming weeks.

Revolut’s approvals worldwide

The fintech firm secured key registrations last year to expand the scope of its cryptocurrency offerings. Cyprus Securities and Exchange Commission (CYSEC) assigned Revolut with a crypto asset service provider (CASP) license in August. Before that, it received approval from the Spanish Central Bank and the Monetary Authority of Singapore (MAS).

The UK’s Financial Conduct Authority (FCA) too enabled Revolut will offer cryptocurrency services to locals in September. Originally wary of the idea, encourages the firm to improve the audit process and establish “a back office like a bank.”