Revolut, the London-based fintech that allows cryptocurrency transactions, will see its revenue soar 33% in 2022, the company's chief financial officer said. The positive results came despite the decline in the cryptocurrency market and generally unfavorable macroeconomic conditions last year.
Revolut's revenue could soar to $1.03 billion in 2022, Revolut's chief financial officer Mikko Salovaara told Reuters. He said that despite the decline in the cryptocurrency market over the past few months, the number of new subscriptions and business accounts has increased. Revolut offers customers the option to buy, sell and exchange over 90 digital currencies, including the leading ones - Bitcoin (BTC) and Ether (ETH).
Salovaara said that compared to 2021 (during the bull market), Revolut’s crypto business revenue has declined, accounting for 5-10% of total revenue in 2022. Chief Executive Nikolay Storonsky previously said the company would be profitable in 2021 after losing nearly $270 million in 2020. Accounting results for 2022 are expected in June this year.
One of the UK's most valuable start-ups has raised $1.7 billion since its founding in 2015. However, Salovaara said the company doesn't plan to get any fundraising anytime soon, describing it as "self-sufficient." He also said Revolut was working hard to become a publicly listed entity, although "it's not a priority".
It was one of the few cryptocurrency-related organizations to announce expansion plans during last year's bear market, increasing its team size 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. The fintech firm secured a significant registration last year to expand its range of cryptocurrency offerings. The Cyprus Securities and Exchange Commission (CYSEC) granted Revolut a Crypto Asset Service Provider License (CASP) in August. Prior to this, it received approval from the Central Bank of Spain and the Monetary Authority of Singapore (MAS).
The UK’s Financial Conduct Authority (FCA) also allowed Revolut to offer cryptocurrency services to locals in September. Initially, regulators opposed the idea, urging the company to improve its audit process and create a "back office like a bank".
