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

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

Its positive results come in spite of the crypto market decline last year and the overall unfavorable macroeconomic conditions.

A ‘Strong Momentum’

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

He said the number of new subscriptions and business accounts has risen despite the cryptocurrency market’s downfall in the past several months. Revolut offers clients the option 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 the overall income in 2022. 

CEO Nikolay Storonsky previously said the firm was 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. 

One of Britain’s most valuable start-ups has raised $1.7 billion since its launch in 2015. However, Salovaara said the company does not intend to secure any fundraisers soon, describing it as “self-sustained.” He also stated that Revolut strives to become a publicly listed 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 its team to 6,000 members. Revolut intends to stretch globally to India, Mexico, and Brazil in the near future and is expected to expand to New Zealand in the next few weeks. 

Revolut’s Approvals Across the Globe

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

The UK’s Financial Conduct Authority (FCA) also enabled Revolut to offer cryptocurrency services to locals in September. Initially, the watchdog was against the idea, urging the firm to improve its auditing process and establish “a back office like a bank.”