Revolut reports first set of profits

It was required to publish these results to Companies House initially by September 2022, before then being given an extension until the end of December – a deadline for which it also failed to meet.  

Between 2020 and 2021, the firm went from recording a net loss of £223.6m to a net profit of £26.3m. In addition to this, its revenues tripled from £220m to £636m while is gross margin improved from 33% to 70%.  
Its customer deposit balances also grew significantly year-on-year, totalling £7.4bn as of December 2021, an increase of 58% on the £4.6bn seen in 2020.  

In response to these figures, its chief executive Nik Storonsky said: “We have achieved our first full year of profit and shown that we can accelerate customer growth, at scale, and grow revenue across all of our product lines. 

“In 2021 we were granted a full banking licence from the European Central Bank and welcomed millions of new customers. We also launched several new products and saw more activity from our customer base.”

 
Revolut chairman Martin Gilbert added: “2021 marked a significant milestone for the company, as it was the first year in which we became profitable. This strong financial performance shows Revolut has efficiently moved from the ‘start-up’ business that is only focused on growth, to the ‘scale-up’ looking to grow profitably.”