City Of London
Revolut Swung to Profit in 2021, Delayed Accounts Show
- Finance app says revenue trebled and then grew 30% in 2022
- Accounts had been delayed for months over audit issues
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Finance app Revolut Ltd. made its first annual profit in 2021 after nearly tripling its revenue, according to delayed accounts published Wednesday. Revenue growth slowed to about 30% last year.
The London-based business said pretax profit of £39.8 million ($48 million) in 2021 compared to a loss of £220.7 million a year earlier, with revenue jumping to £636 million. The firm said its biggest source of revenue was foreign exchange and wealth, partly driven by a boom in crypto that’s since gone into reverse. Gross margins increased to 70% from 33%.