Fintech startup Revolut’s overdue accounts

02.03.2023 | 09:55 Home / News / Fintech /
#Revolut #accounts #Nikolay Storonsky
British fintech startup Revolut reported that in 2021 the company’s net profit reached £26 million ($31.4m), and revenues tripled from £220 million ($265.6m) to £636 million ($767.9m).

Thus, 2021 turned to be the first profitable year for Revolut. The company ended 2020 with a net loss of £223.6 million ($270m).

Russian Forbes reports that in its annual report the startup said it recorded almost one and a half growth in the number of weekly active users to 16.4 million in 2021, currently their number exceeds 27 million. Gross Margin (difference between revenue and cost of goods sold, divided by revenue) increased to almost 70%, compared to 33% in 2020, as a result of increased share of revenue from higher margin products, such as Foreign Exchange and Wealth (including currency exchange commissions and the cryptocurrency trading business and other assets).

“Our profitability in 2021 was despite the economy suffering a significant prolonged shock from global lockdowns, continued travel bans and Covid-19 effects. At the same time, the accelerated shift to digital services and remote working boosted our number of customers and the amount that they used our app,” the Financial Times cited chief executive Nikolay Storonsky as saying.

According to the report, Revolut’s Revenues in 2022 increased over 30% to more than £850m ($1.027b). The startup though did not disclose the financial performance of the last year. The company said in the press release that the Chief Financial Officer Mikko Salovaara explained the growth in revenue with the strong growth in payments agreed with the flow of new customers and that more people chose to travel again.

Revolut delayed publication of 2021 accounts for several months. The company was required to submit accounts for the year ending December 2021 to UK Companies House in September 2022. The fintech was then given an extension until the end of December - a deadline it had also failed to meet. Revolut’s 2021 account was marked overdue since December.



Recently, The Observer (owned by The Guardian) reported that staff turnover, delayed filing of accounts and Russian links are among the reasons Revolut has not obtained a UK banking license yet.  

It was noted that in UK Revolut faces a fine for missing a deadline for group accounts covering its 2021 financial year. The startup said that its auditors from BDO should be held accountable for the delay. In its turn, BDO said they could not comment on specific checks.  

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