Sign up to create alerts for Instruments,
Economic Events and content by followed authors
Free Sign Up Already have an account? Sign In
Quotes
All Instrument Types
- All Instrument Types
- Indices
- Equities
- ETFs
- Funds
- Commodities
- Currencies
- Crypto
- Bonds
- Certificates
Please try another search
Free Webinar - Decode the market's secrets! | Tuesday, May 30, 2023 | 01:00PM EDT Enroll Now
Revolut Exhibits Substantial Profit, Financial Accounts Say
Published Mar 01, 2023 07:50AM ET
Updated Mar 01, 2023 08:00AM ET
Revolut Exhibits Substantial Profit, Financial Accounts Say
- Revolut released the first-ever annual profit of 2021.
- The company had a net profit of almost 26 million pounds.
- The revenues of the company tripled to almost 636 million pounds.
According to the financial accounts released on Wednesday, the British-Lithuanian neo-bank and financial technology company Revolut issued its first-ever annual profit for 2021, reportedly acquiring a net profit of 26 million pounds. The previous year the company had a huge loss of almost 223 million pounds.
Notably, despite the severe crypto winter that plagued the whole fintech industry, Revolut exhibited a remarkable performance with the company’s revenues tripled almost to 636 million pounds. It is noteworthy that one-third of its revenues has its root in its cryptocurrency trading business.
Nik Storonsky, the Chief Executive at Revolut traced back their journey from the losses during the pandemic to the present victory, stating:
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.
Significantly, there had been innumerable hazards that Revolut confronted during its venture to overpower the traditional financial institutions, amidst the downturns in crypto.
Interestingly, the Chief Financial Officer Mikko Salovaara, said that the company had “built a strong momentum”. He added that the accounting systems were replaced, quoting:
Our accounting systems needed replacement. We were held to the highest possible accounting standards.
Elaborating on the point, he added that the United Kingdom’s organization responsible for regulating auditing, the Financial Reporting Council (FRC), once found Revolut’s audit as “inadequate,” which later forced the company to reform the system.
The post Revolut Exhibits Substantial Profit, Financial Accounts Say appeared first on Coin Edition.
Related Articles
Add Chart to Comment
Confirm Block
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
Report this comment
I feel that this comment is:
Comment flagged
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.