London-based fintech firm that enables cryptocurrency trading, Revolut, saw its revenue rise 33% in 2022, the company’s chief financial officer said.
Its positive results come despite the crypto market crash last year and generally unfavorable macroeconomic conditions.
A ‘strong push’
Mikko Salovaara, CFO of Revolut, revealed to Reuters that the company’s revenue increased to $1.03 billion in 2022.
He said that the number of new subscriptions and trading accounts has increased despite the cryptocurrency market crash in recent months. Revolut offers customers the option to buy, sell, and trade over 90 digital currencies, including the major ones: bitcoin (BTC) and ether (ETH).
“We have built a strong momentum,” said the executive.
Salovaara said that Revolut’s crypto revenue decreased compared to 2021 (during the bull run) and accounted for 5-10% of total revenue in 2022.
CEO Nikolay Storonsky previously said the company was profitable in 2021 after posting a loss of nearly $270 million in 2020. Book results for 2022 are expected to be released in June this year.
One of Britain’s most valuable start-ups has raised $1.7bn since its launch in 2015. However, Salovaara said the company does not intend to secure any fundraising anytime soon, describing it as “self-reliant”. He also stated that Revolut is striving to become a publicly traded entity, although “it’s not a priority.”
It was one of the few crypto-related organizations in announce expansion plans amid last year’s bear market, increasing the size of its 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 Approvals Worldwide
The fintech firm secured major registrations last year to expand the reach of its cryptocurrency offerings. The Cyprus Securities and Exchange Commission (CYSEC) award-winning Revolut with a Crypto Asset Service Provider (CASP) license in August. Previously, it obtained the approval of the Central Bank of Spain and the Monetary Authority of Singapore (MAS).
The UK Financial Conduct Authority (FCA) also activated Revolut will offer cryptocurrency services to locals in September. Initially, the watchdog was against the idea, urging the firm to improve its audit process and establish “an administrative office like a bank.”
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