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Revolut finally reveals 2021 accounts showing first annual profits

Revenues became increasingly diversified for Revolut in 2021, tripling to £636m compared with 2020.

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Nik Storonsky & Vlad Yatsenko/Revolut

Revolut has posted its first annual profit of £26.3m in 2021, following a tripling of revenues to £636m from £220m in 2020.

The numbers come from Revolut's annual report for the year, finally published after reported delays between the fintech company and its auditors BDO.

In 2021, Revolut saw the onboarding of 5 million customers helping boost its deposit balances to £7.4bn by the end of 2021. In 2020 these stood at £4.6bn). 

“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,” said Nik Storonsky, Revolut’s CEO and co-founder.

In 2021, Revolut saw soaring use of its services. Key to its growth was a 50 per cent uptick in its weekly active retail customer base compared with 2020. 

In that first year of the pandemic, hit by a near halting of foreign travel, Revolut shifted its strategy towards becoming a financial 'super app'. This marked a decisive break with the occasional use centred on its original product foreign exchange that the company had established in its first five years. 

"As the post-COVID-19 environment provided us with greater certainty and with the added capital of our Series E $800m fundraising in the summer of 2021, we decided to refocus our efforts on the growth of our customer base, expanding our marketing spend beyond our historical referrals channel and entering performance marketing where we saw a good return on investment," said Mikko Salovaara, Chief Financial Officer at Revolut.

"We expect our improved financial resilience to continue to allow for greater and faster growth in the future. Additionally, looking forward, we expect to be able to generate a steady income based on the low-cost funding provided by our customer liabilities," he added.

Revenue was generated meaningfully through its payments, subscriptions, Revolut Business, wealth and foreign exchange arms. 

More to come on Revolut’s latest numbers on shortly.

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